In 2023, Singapore consumers spent $3.4 billion online and in store using BNPL services.
Gen Z, those between 18 and 24 years old, and young millennials between 25 and 34 years old, were among the bigger users of BNPL..
The total spending via digital wallets will grow from $41 billion in 2023 to $89 billion in 2027, Worldpay said. Mr Phil Pomford, general manager for Worldpay’s global enterprise e-commerce team in the Asia-Pacific region, said Gen Zers and millennials are attracted to the ease and convenience that BNPL platforms offer.
Increasingly, Mr Kapron said BNPL is also being used to fund educational expenses, such as online courses.
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