Buy Now, Pay Later, also known as BNPL, is a fast and easy or ‘frictionless’ or ‘slick’ credit instalment payment service which has been enabled by FinTech. BNPL is typically accessed through trusted e-commerce platforms at no obvious cost to the consumer. However, many consumers do not realise that BNPL is a form of credit and the implications of not repaying their ‘debt’. This research explores the different digital vulnerabilities of BNPL products in terms of: the consumer vulnerabilities (understanding of product and use of credit, risk of fraud, the speed/ease of frictionless or ‘slick’ access to credit which is embedded in other familiar and/or trusted brands/services, risk of money laundering, data-related privacy, security and fairness) and organisational vulnerabilities (the brand and how BNPL products are marketed and advertised, risk to merchants in the event of non-payments, corporate irresponsibility and unethical behaviours, commercial business value and models). Our interdisciplinary approach will develop new insights to inform current and emerging understandings of digital vulnerability to reduce vulnerability around BNPL products.
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