The Buy-Now-Pay-Later Ecosystem - New (Algo)Rhythms of Spending and Reframed Relationships

Relja, Ruffin ORCID: 0000-0001-9569-6247, Ward, Philippa ORCID: 0000-0002-4971-8908 and Lifen Zhao, Anita (2024) The Buy-Now-Pay-Later Ecosystem - New (Algo)Rhythms of Spending and Reframed Relationships. In: Digital Project Practice for Banking and FinTech. Taylor and Francis Group, Boca Raton, pp. 121-134. ISBN 9781003395560

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Buy-now-pay-later (BNPL) is changing young consumers’ spending and relationships to credit through an integrated digital ecosystem predicated on algorithmic marketing. Whilst BNPL has the capacity to liberate young consumers by fostering a more entrepreneurial disposition to credit, this view is founded on the supposition that consumers have the necessary knowledge and capability to make informed financial decisions. However, the use of algorithms means that young consumers are, perhaps, more accurately framed as being constrained and any inherent patterns of damaging behavior maintained. Therefore, while the provision of BNPL appears to offer opportunities such as greater accessibility and flexibility, it inevitably evidences numerous disadvantages, such as impulsive borrowing and financial vulnerability, which are intensified by a lack of regulation. These complexities create a challenging operational space for consumers, service providers, retailers, and regulators alike–arguably changing the relationships between them and necessitating continued consideration of the evolving nature of digital consumer credit solutions.

Item Type: Book Section
Additional Information: Chapter 11
Uncontrolled Keywords: Buy-Now-Pay-Later Ecosystem; BNPL; (Algo)Rhythms of Spending; Reframed Relationships; Consumer behaviour;
Subjects: H Social Sciences > HF Commerce > HF5001 Business > HF5428 Retail Trade
H Social Sciences > HF Commerce > HF5001 Business > HF5437-5444 Purchasing. Selling. Sales personnel. Sales executives
H Social Sciences > HG Finance > HG4001 Finance management. Business finance
Divisions: Schools and Research Institutes > School of Business, Computing and Social Sciences
Research Priority Areas: Applied Business & Technology
Depositing User: Kamila Niekoraniec
Date Deposited: 08 Feb 2024 10:53
Last Modified: 15 Feb 2024 16:00

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