Over half of Brussels residents (55%) regret making online purchases via the so-called 'Buy Now, Pay Later' services, according to recent research by fintech company myPOS.
How people pay for online purchases has changed significantly in recent years: in addition to traditional payment cards, more and more people are choosing to pay later. This way, the money is not taken from your account immediately, but customers can choose when it is debited.
"Consumers are increasingly choosing speed and convenience, whether it is paying later or contactless," said Chris Brillouet, Country Manager Benelux at myPOS, in a press release. "But convenience also has a downside: those who pay later do not see the money debited from their account immediately, meaning they can quickly find themselves in trouble – and sometimes even in debt."
There are very clear regional differences in Belgium: Brussels residents (55%) are much more likely to admit to regretting a 'Buy Now, Pay Later' purchase than Walloons (25%) and Flemish residents (15%).
Credit: myPOS
For the entire country, nearly a quarter of Belgians (22%) say they regret paying later – with that figure rising to 29% for young people under 34. Still, the majority (59%) of those using the service in Belgium do not experience regret, while 20% do not have a clear opinion.
Whether consumers pay later or not, convenience remains the benchmark: people want to pay quickly and easily, preferably even contactless. "Young people, in particular, find this important," said Brillouet.
The figures confirm this: a third (29%) of respondents under 34 are increasingly leaving their bank cards at home because they can pay with a smartphone or wearable.
Convenience wins, memory sometimes slips
A quick tap on the payment terminal has almost become the norm for Belgians, but the research shows that this convenience has led to people forgetting their PIN codes more often.
Young people under 34, in particular, forget their PIN more often (27%), followed by 34- to 54-year-olds (15%). Again, the regional differences are the greatest: more than a third of Brussels residents (34%) forget their PIN more often, compared to 15% of Walloons and 12% of Flemish residents.
