Just Asking Buy Now Pay Later
Jul 19, 2025
In this discussion, Elizabeth Mulholland, CEO of Prosper Canada, and Omar Fares, Assistant Professor of Marketing, dive into the world of Buy Now Pay Later (BNPL) services. They explore the convenience and risks of BNPL, especially for younger consumers navigating financial pressures post-pandemic. The conversation spotlights the psychological factors driving its popularity, the security challenges these services pose, and the urgent need for consumer awareness and regulation to prevent potential debt traps.
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Use BNPL With Discipline
- Use BNPL only for large, necessary purchases if you have a strict budget.
- Avoid BNPL for impulse or everyday spending to prevent financial hardship.
BNPL Targets Vulnerable Groups
- BNPL mainly targets younger, middle to lower income individuals seeking to appear affluent.
- Such consumers often take on debt they cannot afford, making BNPL a risky choice for them.
Beware BNPL Product Variations
- BNPL products should be explored carefully because of varied fees, penalties, and interest.
- Regulators are considering more rules due to financial strain on lower income Canadians.