Buy Now Pay Later Services vs Credit Cards: Have Your Say
Home > News Room > Buy Now Pay Later Services vs Credit Cards: Have Your Say

Buy Now Pay Later Services vs Credit Cards: Have Your Say

Kellie Amos

Kellie Amos

26/03/2021 • 1 minute read

The Oiyo team works hard to ensure the quality and accuracy of our articles. Learn about our editorial process.

Quality Checked

If you’ve ever shopped online before, chances are you were bombarded with emails advertising ‘Afterpay Day’ last week. The sale promo, which ran from August 20 – 21, offered shoppers the chance to save up to 70% at thousands of online retailers if they simply opted for Afterpay at checkout. Not a bad deal, you may think, considering the buy now pay later giant holds deals with over 48,000 merchants worldwide.

Outside of just Afterpay, buy now pay later services are on the rise. Since the outbreak of COVID-19, investors especially have been betting hard on the growth of the new industry – and with good reason. IBISWorld predicts the sector will grow from $679.9 million in revenue this financial year to $1.1 billion by 2024-25.

Meanwhile, credit cards appear to be a dying breed. According to the ABC, Australians dumped more than 100,000 credit cards in May of this year. This takes the number of cards in use back to levels unseen since 2009.

Although buy now pay later is cashing in big with younger generations, consumer advocacy groups are wary. Many claim the services need to see the same regulations as credit card providers do, especially with the pandemic forcing many Aussies out of work.

Currently, corporate watchdog, ASIC, is preparing a new report on the industry after it’s previous review in November 2018 found the products “can cause some consumers to become financially over-committed”.

Contribute to our survey!

In response to the ‘Afterpay Day’ sale, the team here at Oiyo wanted to do a small survey of our own community to see how people feel about these buy now pay later services and spending credit in these COVID times.

Love em or hate em, tell us what you think!

Survey

Survey


Join our mailing list

Stay up to date with Oiyo’s financial tips and take control of your finances.

Finance can vary from state to state, so we ask for yours to ensure we're providing the right info.


Kellie Amos

Written by Kellie Amos

Kellie Amos is a contributing writer for Oiyo. She has a Bachelor of Business in Marketing and a Bachelor of Creative Industries in Creative & Professional Writing from the Queensland University of Technology. Kellie has previously produced content for a range of finance companies, entertainment publications, and fintechs.

More about Kellie Amos