Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Financial Consumer Agency of Canada publishes BNPL pilot study
FCAC | Nov 19, 2021
The Financial Consumer Agency of Canada (FCAC) has published a pilot study on the use and understanding of Buy Now Pay Later (BNPL) services in Canada as part of the Agency’s research on emerging consumers trends.
Similar to instalment loans, BNPL services allow consumers to purchase goods and services and pay for them over time, either by spreading their payments out into equal, smaller instalments, or by delaying their payments.
Among those surveyed, 34% indicated that they were familiar with these services, and 8% indicated that they had used at least one such service between September 2019 to March 2021. The most common items purchased this way included furniture or appliances (39%), electronics (32%), and clothing and fashion (23%); however, some consumers used the services for household essentials (8%) and groceries (5%). As these findings are based on a small sample, additional research is needed to establish a more comprehensive picture of how Canadians use and understand BNPL services.
FCAC supports Canadians in making informed financial decisions by providing unbiased and fact-based information, including information about Buy Now, Pay Later services.
For more information visit Canada.ca:
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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