Too easy access it and therefore often a trap for the most vulnerableThe loan, small and quick, called Buy now pay later, (Bnpl) is also becoming popular in Italy , Bank of Italy he turned on a lighthouse in sight of the new directive which, already implemented in Italy, will enter fully effective in November 2026A study by Via Nazionale reveals how, from 2022 to today, this tool has much more common among those with low incomes and a history of rejected loans.
What is Buy Now Pay Later?
The so-called Buy now pay later (Bnpl) is a formula often proposed by sellers and platforms for stimulate consumers to purchase. In practice, it's a loan granted in a matter of seconds on platforms or in stores, often interest-free, but with the option to apply interest in the event of late or missed payments. It's a tool "with advantages," explains the central bank, but it also presents "elements of vulnerability nnot easy to evaluate due to the limited availability of data on volumes and risk”.
According to the new analysis by Bankitalia signed by Giovanni D'Aiuto, of the Financial Protection and Education Department, Silvia Magri and Raffaella Pico of the Economics and Statistics Department, within three years in Italy it the scenario has definitely changed in the wake of what is happening abroad too: if in 2022 Buy now pay later era used especially from families with medium-high incomes and without particular economic difficulties, in 2025 it appears to have also spread between more fragile nuclei, with low incomes and difficulty making ends meet and, indeed, it has proven to be widely used especially by those already in debt – and especially with revolving credit cards – one in two families uses it.
So the Bnpl is becoming a sort of last chance for those who are already seen a traditional loan refused: 21% of them resort to it, compared to approximately 8% of those who obtained the requested credit and those who do so are mostly younger families (heads of household under 44).use has increased significantly: from 4% of households in 2022 to 30% in 2025, even though about two-thirds use it only occasionally. The central institute then cites the numbers of theInnovative Payments Observatory of the Milan Polytechnic, according to which in 2025 transactions carried out with Bnpl rose to 9,9 billion euros (in 2021 they were 1 billion).
In recent years, growth has mainly concerned the Online shopping, which have become predominant (over three-quarters) of the total transactions settled through Bnpl; however, Bnpl transactions in shops have also increased. According to data from the Polytechnic,'average amount of the payment deferrals granted is equal to just over 200 €
The Achilles heel of Bnpl is the ease of access
Just the ease of access represents Achilles' heel of the Bnpl, both for the consumer and for banks or lenders who may find themselves with bad loans. Fast procedures and zero interest rates attract consumers, making it attractive. repeat the operation several times, accumulating purchases in installments, thus increasing the possibility of no longer be able to honor the commitment and facing even heavy penalties.
The Bank of Italy's investigation finds that approximately 70% of requests are accepted, Because the review of creditworthiness made very simple does not always take into account all debts of the consumer. Only in a few cases are the databases of credit information companies consulted, with the risk of underestimate situations of over-indebtedness already in place.
The instrument is also making its mark in the banks' balance sheets: Bankitalia has recorded that the rate of impaired loans attributable to Bnpl was around 5% in 2023, well above the 3,5% recorded for traditional consumer credit.
The largest use in Europe is in Germany and Sweden
According to estimates from the Global Payment Report 2025, the use of in the world has grown in recent years to reach an amount of 342 billion dollars in 2024 (from 285 billion in 2022): this would be the 5% of e-commerce transactions. in United States the weight on e-commerce transactions is similar to the global one (6%), while in Europe usage is on average higher (9%). Bnpl is very widespread in Germany and Sweden (20 and 23% of all e-commerce transactions respectively) and in other Nordic countries. It is less used in UK (7%), in Italy and France (5%).
A new European directive is coming to prevent overly casual practices.
Precisely to try to stem the negative aspects, avoid overly casual practices and strengthen the protection of those who buy, the Bank of Italy reminds us that the new European directive on Consumer credit, the so-called Ccd2, that he will put order to the sectorUntil now, these loans have essentially remained outside the consumer credit rules in practically every case: when the amount was under 200 euros, when no interest was charged, or when repayment occurred within three months with minimal costs. With the new directive, however, Bnpls are explicitly included among consumer credits. The main novelty is that the company who will offer the Bnpl will have to evaluate with greater attention the repayment capacity considering income, expenses and overall financial situation. But what is established regarding transparency is also very relevant: the pre-contractual and contractual information will need to be clearer. And they will have to explain that the Bnpl is, to all intents and purposes, a debt, even when it does not provide immediate interest.
Remain only two exceptions: If the loan is managed directly by the seller, without intermediaries, it is completed within 50 days and does not involve interest or significant costs; if it is managed by a large online platform, however, the deferral period must be no more than 14 days and cannot be transferred to financial institutions.
Some platforms have moved ahead of the curve
Since last November, some platforms in the sector have changed their strategy, moving towards longer payment terms and hybrid formulas that increasingly resemble traditional financing. PayPal has launched plans of up to 24 months, with interest rates modulated according to the duration, while Klarna offers 6 or 12 month options with costs related to the amount spent. scalapay, also thanks to the partnership with Deutsche Bank, now offers installment plans of up to 36 months, sometimes without additional charges and in other cases with conditions defined with the individual merchants.
