South African customers who have used buy now, pay later to purchase goods would overwhelmingly recommend it as a payment method. In contrast, customers of South African banks aren’t even half as likely to recommend financial services from their banks.
This emerged in a survey of over 7 300 customers of Payflex, who gave the service a net promoter score of 82, compared to an independent customer satisfaction index released in March 2022 (SAcsi), where retail banking received an average score of just 36.
Paul Behrmann, Payflex CEO, says customers like the convenience of making staggered payments for goods at zero interest. “Those surveyed highlighted being able to get their goods immediately without needing to pay for it upfront as a benefit. They say it helps them budget better.”
BNPL allows shoppers to pay for their online purchases in a series of four equal interest-free instalments.