The buy now, pay later (BNPL) trend continues to flourish in the UK, with new research indicating that 13% of Brits utilized BNPL services for the first time in 2024—translating to 6.8 million new users. Notably, millennials and Generation Z are leading this trend. Although regulatory changes have been proposed, they won't take effect until 2026. Experts warn that the current lack of regulations leaves consumers without key protections, risking their financial wellbeing, as they might be accumulating significant unsecured debt without appropriate safeguards.
"Until the new BNPL rules are introduced in 2026, consumers still don't have access to key protections, such as strict affordability checks and the right to take complaints to the Financial Ombudsman if something goes wrong."
"With increased accessibility and minimal fees for late payments, BNPL services do not hold people accountable in the same way as traditional credit products."
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