Four out of ten people in Belgium are now using “buy now, pay later” apps, according to recent data. Of those users, 13 percent are already incurring extra interest charges.
Jim Lannoo of the FSMA notes that “5 percent of all users appear to be making a purchase with the ‘buy now, pay later’ app every day.” He also stated that “14 percent do so several times a week.”
These apps, such as Klarna, allow consumers to spread the cost of purchases over installments. The increasing popularity of these services reflects a broader trend of flexible payment options gaining traction among shoppers, but also raises concerns about potential debt accumulation.
The data suggests a significant portion of the Belgian population is embracing these payment methods, with a notable percentage already facing additional fees. This highlights the importance of understanding the terms and conditions associated with “buy now, pay later” schemes.
