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We launched our You Only Pay Once (#YOPO) campaign to tackle Buy Now Pay Later schemes and promote the positive mindset that comes with only paying once. We want to help consumers feel empowered to make more informed decisions about what's being described as ‘gateway debt.
In partnership with:
Buy Now Pay Later (BNPL) schemes are becoming a popular form of payment online. Rather than pay the upfront cost for an online purchase, you can choose to spread the cost over a few weeks/months or delay the full payment until a later date. With the help of social media, brands and influencers are encouraging increasing usage of providers like Klarna, Clearpay, Laybuy and Afterpay.
*Source: Buy Now Pay Later, OpenMoney and LM research. Total sample size was 2,000 UK adults.
*Source: Buy Now Pay Later, OpenMoney and LM research. Total sample size was 2,000 UK adults.
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Source: Social media listening from October 2019 - Oct 2020 - covering 70k posts by 36k unique authors.
We launched our #YOPO campaign to encourage online shoppers to ‘only pay once’ by only buying items they can afford to pay for upfront.
We know that waiting a little longer for something you want isn’t quite as exciting, but the peace of mind that comes with only paying once isn’t something to be sniffed at. Our research learned that 46% of shoppers would feel less anxious if they only bought things they could afford.
We know that there’s more that needs to be done than just changing shoppers mindsets, we want to tackle the source. There is not enough protection and clarity for consumers surrounding these providers.
Our YOPO campaign highlighted the dangers of using Buy Now Pay Later schemes and the urgent need for regulation. Whilst we’re delighted that these schemes are soon to be regulated, we feel more needs to be done to tackle the core of the problem – proper financial advice.
Take a look at where we've been shouting about our #YOPO campaign. From newspapers to social media influencers, we've been fighting on all fronts to regulate the BNPL industry.
Both among consumers and brands, we want to raise awareness of the potential dangers of BNPL schemes, encourage the #YOPO mindset and give you the power and knowledge to protect yourself.
We’ve reach out to MPs to gain support for strengthening consumer credit law and aligning the law with regulation.
We urge the government to bring forward this initiative, due to be implemented in 2021, which will freeze interest, fees and enforcement for 60 days allowing people in problem debt to receive professional advice.
“OpenMoney" is a registered trading style of OpenMoney Adviser Services Ltd. OpenMoney Adviser Services Ltd is registered in England & Wales under Company Registration Number 09407280. Our registered address is WeWork St. Peter’s Square, 1 St. Peter’s Square, Manchester, M2 3DE. OpenMoney Adviser Services Ltd is authorised and regulated by the Financial Conduct Authority, our registration numbers are 676331 for activities regulated under FSMA and 792842 for activities regulated under Payment Services Regulations 2017.