The Role Of Buy Now, Pay Later In Consumer Buying Decisions: A Novel Financial Approach

Abstract

The buy-now-pay-later mechanism is a new facet of consumers' buying habits in the modern, technology-based age. The purpose of this research is to get to the bottom of why so many people in Lucknow city use BNPL, or microcredit, to buy things. Using a two-stage sampling procedure, 418 respondents provided the primary data utilized in the research. To learn what makes people choose the buy-now-pay-later option, researchers apply multiple regression analysis. Analyses reveal that the value of annual product purchases made via the buy-now-pay-later mechanism is significantly affected by education, a growth in the demand for goods, and an improvement in the level of living that makes use of this payment method. This rise in spending also shows that people are making a purchase. According to the study's results, a better outcome is possible with effective financial inclusion, reduced inter-bank variation in payment mechanisms, more readily available information, and a buy-now-pay-later option in stores and everywhere else.