UnaCash: 40% of Filipinos use BNPL for budget management

A recent study by UnaCash, a financial solutions provider, reveals that a significant number of Filipinos are using Buy Now, Pay Later (BNPL) services for budgeting and financial management. 

The study, based on an online survey involving UnaCash clients, users of other BNPL services, and non-users, shows that 40% of respondents who use BNPL services consistently view it as a strategic financial tool. This highlights a calculated approach to managing expenses and challenges the notion that BNPL services are primarily used for impulsive purchases.

“Our study shows that for Filipinos, BNPL is more than just a payment method but a financial ally,” said Erwin Ocampo, head of Product, UnaCash.

Nearly half of the respondents (49.6%) have either used or are aware of BNPL services, underscoring the growing recognition and popularity of this payment method. Of those familiar with BNPL, 38% consider using it every month, 29% plan to use it at least once every six months, and 26% intend to use it at least once a year.

Key reasons for using BNPL include addressing urgent needs without immediate funds (37%), spreading out expenses over time (23%), and the ease and convenience of the service (20%). Others see it as a way to purchase products without relying solely on future funds (13%) or to quickly acquire high-value items (7%).

Among those who first learned about BNPL from the survey, over half (53.3%) expressed interest in using the service monthly, with 26.7% considering usage every six months and 13.3% planning annual use. Only 6.7% showed no interest in BNPL.

Growing popularity of BNPL in the Philippines

This group also sees BNPL as a potential solution for urgent purchases in cases of insufficient funds (93.3%) and for acquiring high-value items without the need to save in advance (40%). Even with limited or no prior experience, 86.7% view BNPL as an effective budgeting tool.

“As BNPL gains traction in the Philippines, it’s evident that it’s perceived not only as a budgeting tool but also as a safety net for unexpected financial needs,” Ocampo said.

The survey’s insights align with UnaCash’s internal data, showing that middle-class consumers often use BNPL for significant purchases such as smartphones (36%), appliances (30%), furniture (30%), and laptops (4%). This further supports the trend of Filipinos adopting BNPL for thoughtful and planned financial management.