BNPL Satisfaction
Insights Paytech World-Region-Country

Security and Reasonableness of Terms Are Key Factors for Greater BNPL Satisfaction

Buy now pay later (BNPL) offering easy account review, security and reasonableness of terms are among the top reasons for customer satisfaction finds J.D. Power ‘2024 U.S Satisfaction Study’.

BNPL has had a myth follow it since its inception that it is a gateway to debt. While there are examples of poor user mismanagement and unclear merchant fees which have led to debt, BNPL satisfaction rating has improved.

“The BNPL segment has grown quickly and many of the brands in the space are new,” said Miles Tullo, managing director of banking and payments at J.D. Power. “Consumers are generally most satisfied with the BNPL plans offered by their credit card issuers, but experiences vary quite a bit by brand and some of the newest providers are receiving the greatest increases in satisfaction scores.”

Key findings of the 2024 study
  • BNPL customer satisfaction surges: Overall customer satisfaction with BNPL services rises 16 points year over year as consumers embrace the point-of-sale payment method. The increase in satisfaction is driven primarily by reasonableness of terms; ease of use when reviewing and managing account digitally; and security of account information.
  • Financially healthy consumers most satisfied: BNPL customers classified as financially healthy represent 21 per cent of all BNPL users and have the highest overall satisfaction (731) with BNPL services. Consumers in the financially vulnerable category account for 32 per cent of BNPL usage and have a considerably lower overall satisfaction score (593).
  • Room to improve on account management: The top three key performance indicators with most significant influence on customer satisfaction are ease of choosing repayment options; ease of managing payments; and ease of reviewing purchases and transactions. These indicators are met between 53 per cent and 62 per cent of the time, suggesting that many providers have room to improve on account management functions.
  • BNPL brand reputations rise and loyalty starts to emerge: More consumers are saying that BNPL brands have a ‘good reputation’ vs a ‘bad reputation’, and 48% say they ‘definitely will’ reuse the same brand, up 4 percentage points from 2023.
Study ranking

Plan It by American Express ranks highest in BNPL satisfaction, with a score of 695. My Chase Plan (686) ranks second and Citi Flex Pay(676) ranks third.

The J.D. Power U.S. Buy Now Pay Later Satisfaction Study, now in its second year, is part of a group of four interconnected syndicated studies focused on the various forms of POS payment options. Its sister studies include the POS Choice Satisfaction Study; Debit Card Satisfaction Study; and Digital Wallet Satisfaction Study. The Buy Now Pay Later Satisfaction Study captured the responses of 4,135 customers, and was fielded from September through November 2023.


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