'Buy now, pay later' services are used by 65% of Gen Z Filipinos.

We are all aware that purchasing online is simple. We have the option to use cash on delivery, make direct online payments, or pay in installments.

82% of Filipinos have heard of buy now, pay later (BNPL), a short-term financing option that enables customers to acquire things without making the entire amount upfront, according to TransUnion's First Quarter 2024 Consumer Pulse Survey.

Up from 61 percent in the first quarter of last year, 63 percent of respondents who are aware of BNPL stated they have had at least one BNPL transaction in the recent 12 months.

According to the report, 81% of Gen Z, or people between the ages of 18 and 26, have heard of BNPL.

With the convenience of application and desire to test the service as the primary motivators, Gen Z consumers have completed at least one BNPL transaction in the last 12 months, marking a notable rise from 57% in Q1 2023.

According to TransUnion, more Filipinos are keeping an eye on their credit, with 70% reviewing their reports at least once a month, up from 65% in Q1 2023. The reason for this is the increased understanding of the significance of credit health and how it affects financial prospects.

Most Filipinos, especially those in the millennial, Gen Z, Gen X, and Baby Boomer generations, keep a close eye on their credit reports in order to enhance their credit score, learn about credit offers, and guard against fraud. Phishing, smishing, and gift card or money frauds are the most common fraud techniques that are reported.

In the past three months, the proportion of Gen Z Filipinos who do not know they are being targeted by fraudulent schemes has decreased to 28%. Fraudsters can, however, adjust and take advantage of weaknesses.