BNPL poised to be the most preferred payment method in Southeast Asia: report

BNPL payments grew by 226% in central areas. 

The “Buy Now, Pay Later” (BNPL) payment method is becoming the most preferred cashless payment method in Southeast Asia, ZALORA found.

In 2022, BNPL payments grew by 226% in central areas, and by 190% in the outskirts. 

ZALORA linked its popularity to its flexibility and interest-free monthly payments. 

Further, ZALORA expected e-wallets to be used widely by consumers due to its convenience, particularly in the use of e-hailin rides and food delivery services. 

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E-wallet payments grew by 22% in central areas and 12% in the outskirts in 2022, the report also found. 

“With BNPL giving greater accessibility to high-value items, the most popular BNPL product categories are luxury (21%) and home and lifestyle (21%),” the report read. 

“In the Luxury category, purchases paid using BNPL options grew from 13% in 2021 to 21% in 2022.”