论文标题
立即购买，以后付款（BNPL）...在您的信用卡上
Buy Now, Pay Later (BNPL)...On Your Credit Card
论文作者
论文摘要
我们提供了关于“立即购买，稍后再付款”的第一个经济研究（BNPL）：一种不受监管的金融科技信用产品，使消费者能够将付款推迟到无利息分期付款中。我们使用英国信用卡交易数据研究BNPL。我们记录了将BNPL交易收取信用卡的消费者。在年轻的消费者和生活最贫困的地理位置中，将BNPL充电到信用卡最普遍。收取$ 0 \％$的利息，将BNPL债务摊销给信用卡 - 典型利率为$ 20 \％$，并且长达数十年的摊销时间表 - 对这些消费者支付BNPL的能力提出了怀疑。这就提出了一个监管问题，即是否应允许消费者为其无抵押债务再融资。
We provide the first economic research on `buy now, pay later' (BNPL): an unregulated FinTech credit product enabling consumers to defer payments into interest-free instalments. We study BNPL using UK credit card transaction data. We document consumers charging BNPL transactions to their credit card. Charging of BNPL to credit cards is most prevalent among younger consumers and those living in the most deprived geographies. Charging a $0\%$ interest, amortizing BNPL debt to credit cards - where typical interest rates are $20\%$ and amortization schedules decades-long - raises doubts on these consumers' ability to pay for BNPL. This prompts a regulatory question as to whether consumers should be allowed to refinance their unsecured debt.
