Business
Why buy now, pay later appeals to the Millennial psyche – The Australian Financial Review
CBA has been doing some deep thinking about the money psychology behind the platforms and found their attraction lies in part in removing the ‘pain of paying’.
In this way, buy now, pay later adopts the psychological advantage that has made credit cards a lucrative part of banking business models and an attractive product to previous generations.
But when it comes to Millennials, it also provides a level of autonomy over their own financial affairs by allowing choice over the frequency and size of instalments, which again appeals uniquely to the generation, according to Mr Mailer.
Compared to their parents there is more onus to design and run their o…
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