Perceived usefulness, ease of use, risk, and trust: Explaining BNPL user recommendation intention through behavioural models
DOI:
https://doi.org/10.18559/ebr.2025.4.2600Keywords:
BNPL, SEM, consumer finance, consumer recommendation intentionAbstract
The main objective of the article is to identify and evaluate the key determinants of consumer recommendation intention with Buy Now, Pay Later (BNPL) services, operationalised through the intention to recommend such services to others through the intention to recommend such services to others. The study investigates the influence of five core constructs: perceived usefulness, perceived ease of use, perceived trust, and perceived risk. Data are collected from a quota sample of 350 users of deferred payment services, selected in accordance with the demographic profile of BNPL users. The study employs PLS-SEM. The results show that perceived usefulness and perceived trust in the BNPL provider significantly boost recommendation intention. Perceived risk negatively impacts recommendation intention, while perceived ease of use has only a marginal effect. These results contribute to the existing literature by elucidating the behavioural mechanisms underlying BNPL usage and provide actionable insights for financial service providers (...)
JEL Classification
Non-bank Financial Institutions • Financial Instruments • Institutional Investors (G23)
Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets (G41)
Financial Literacy (G53)
Downloads
References
Aalders, R. (2022). Buy now, pay later: Redefining indebted users as responsible consumers. Information, Communication & Society, 26(5), 941–956. https://doi.org/10.1080/1369118X.2022.2161830
View in Google Scholar
DOI: https://doi.org/10.1080/1369118X.2022.2161830
Adamek, J., & Solarz, M. (2024). Postrzegane korzyści i ryzyko a intencje kontynuacji korzystania z płatności BLIK – perspektywa wczesnych i spóźnionych użytkowników. Bank i Kredyt, 55(4), 479–518.
View in Google Scholar
DOI: https://doi.org/10.5604/01.3001.0054.8583
Aisjah, S. (2024). Intention to use buy-now-pay-later payment system among university students: A combination of financial parenting, financial self-efficacy, and social media intensity. Cogent Social Sciences, 10(1), 2306705. https://doi.org/10.1080/23311886.2024.2306705
View in Google Scholar
DOI: https://doi.org/10.1080/23311886.2024.2306705
Ajzen, I. (1985). From intentions to actions: A theory of planned behavior. In J. Kuhl & J. Beckmann (Eds.), Action control: From cognition to behavior (pp. 11–39). Springer Verlag.
View in Google Scholar
DOI: https://doi.org/10.1007/978-3-642-69746-3_2
Akana, T. (2022). Buy Now, Pay Later: Survey evidence of consumer adoption and attitudes. Discussion Papers, 22-02. Federal Reserve Bank of Philadelphia, Consumer Finance Institute. https://doi.org/10.21799/frbp.dp.2022.02
View in Google Scholar
DOI: https://doi.org/10.21799/frbp.dp.2022.02
Alcazar, J., & Bradford, T. (2021). The appeal and proliferation of Buy Now, Pay Later: Consumer and merchant perspectives. Federal Reserve Bank of Kansas City. https://www.kansascityfed.org/Payments%20Systems%20Research%20Briefings/documents/8504/psrb21alcazarbradford1110.pdf
View in Google Scholar
Atkinson, J. W. (1953). The achievement motive and recall of interrupted and completed tasks. Journal of Experimental Psychology, 46(6), 381–390. https://doi.org/10.1037/h0057286
View in Google Scholar
DOI: https://doi.org/10.1037/h0057286
Bagniewski, B., Kubiczek, J., & Żuchowska, Z. (2024). BNPL in the Consumerism World: About the excessive debt trap. Journal of Finance and Financial Law, 4(44), 49–62. https://doi.org/10.18778/2391-6478.4.44.03
View in Google Scholar
DOI: https://doi.org/10.18778/2391-6478.4.44.03
Banerjee, B., & Tóth, P. (2025). Life satisfaction and inequality in Slovakia: The role of income, consumption and wealth. Social Indicators Research, 177, 93–126. https://doi.org/10.1007/s11205-024-03491-9
View in Google Scholar
DOI: https://doi.org/10.1007/s11205-024-03491-9
Bansal, H. S., & Taylor, S. F. (2002). Investigating interactive effects in the theory of planned behavior in a service-provider switching context. Psychology and Marketing, 19(5), 407–425. http://doi.org/10.1002/mar.10017
View in Google Scholar
DOI: https://doi.org/10.1002/mar.10017
Bauer, R. (1960). Consumer behavior as risk taking. In R. S. Hancock (Ed.), Dynamic marketing for a changing world (pp. 389–398). Proceedings of the 43rd Conference of the American Marketing Association.
View in Google Scholar
Behera, C. K., & Dadra, R. (2024). Understanding young consumers’ attitude formation for new-age fintech credit products: an SOR framework perspective. Journal of Financial Services Marketing, 29(3), 964–978. http://doi.org/10.1057/s41264-023-00247-3
View in Google Scholar
DOI: https://doi.org/10.1057/s41264-023-00247-3
Bergheim, J., Ng, E., Tan, B., & Guo, Z. (2024). The negative influence of Buy Now Pay Later platforms on irresponsible spending. ICIS 2024 Proceedings, 11. https://aisel.aisnet.org/icis2024/digital_emergsoc/digital_emergsoc/11
View in Google Scholar
Blue, L., Coglan, L., Pham, T., Lammer, I., Menner, R., & Lee, C. (2024). Spend and repeat! Young adult’s experiences with Buy Now Pay Later services. Financial Planning Research Journal, 9(1), 1–19. https://doi.org/10.2478/fprj-2023-0002
View in Google Scholar
DOI: https://doi.org/10.2478/fprj-2023-0002
Cao, X., Yu, L., Liu, Z., Gong, M., & Adeel, L. (2018). Understanding mobile payment users’ continuance intention: A trust transfer perspective. Internet Research, 28(2), 456–476. https://doi.org/10.1108/IntR-11-2016-0359
View in Google Scholar
DOI: https://doi.org/10.1108/IntR-11-2016-0359
Cunningham, S. M. (1967). The major dimensions of perceived risk. In D. F. Cox (Ed.), Risk taking and information handling in consumer behaviour (pp. 82–111). Harvard University Press.
View in Google Scholar
Dadra, R., Sonavane, A., Bachwani, S., & Behera, C. K. (2024). Beyond credit cards: A TEP perspective on buy-now-pay-later adoption. Journal of Global Scholars of Marketing Science, 34(4), 459–484. https://doi.org/10.1080/21639159.2024.2391282
View in Google Scholar
DOI: https://doi.org/10.1080/21639159.2024.2391282
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008
View in Google Scholar
DOI: https://doi.org/10.2307/249008
Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User acceptance of computer technology: A comparison of two theoretical models. Management Science, 35(8), 982–1003. https://doi.org/10.1287/mnsc.35.8.982
View in Google Scholar
DOI: https://doi.org/10.1287/mnsc.35.8.982
Dawes, J. G. (2024). The net promoter score: What should managers know? International Journal of Market Research, 66(2–3), 182–198. https://doi.org/10.1177/14707853231195003
View in Google Scholar
DOI: https://doi.org/10.1177/14707853231195003
Dong, Y., Hu, J., Huang, Y., Qiu, H., & Zhang, Y. (2025). The use and disuse of FinTech credit: When buy-now-pay-later meets credit reporting. BIS Working Papers, 1239. https://www.bis.org/publ/work1239.htm
View in Google Scholar
DOI: https://doi.org/10.2139/ssrn.4783923
East, R. (1993). Investment decisions and the theory of planned behaviour. Journal of Economic Psychology, 14(2), 337–375. https://doi.org/10.1016/0167-4870(93)90006-7
View in Google Scholar
DOI: https://doi.org/10.1016/0167-4870(93)90006-7
Fishbein, M. (1967). A behavior theory approach to the relations between beliefs about an object and the attitude toward the object. In M. Fishbein (Ed.), Readings in attitude theory and measurement (pp. 389–400). John Wiley & Sons.
View in Google Scholar
Fishbein, M. (1980). Belief, attitude, intention, and behavior: An introduction to theory and research. Addison-Wesley.
View in Google Scholar
Fishbein, M., & Ajzen, I. (1975a). Belief, attitude, intention and behavior. Addison- Wesley.
View in Google Scholar
Fishbein, M., & Ajzen, I. (1975b). Predicting and understanding consumer behavior: Attitude-behavior correspondence. In I. Ajzen & M. Fishbein (Eds.), Understanding attitudes and predicting social behavior (pp. 148–172). Prentice-Hall.
View in Google Scholar
Fishbein, M., & Ajzen, I. (2010). Predicting and changing behavior: The reasoned action approach. Taylor & Francis.
View in Google Scholar
DOI: https://doi.org/10.4324/9780203838020
Florea, D. L., & Munteanu, C. C. (2012). Managing brand equity risk: An evaluation model. International Conference of Applied Business and Economics Proceedings (ICABE).
View in Google Scholar
Gilbert, A., & Scott, A. (2023). Problem debt, over-indebtedness, and Buy Now Pay Later: The case of young adults in New Zealand. Report’. Auckland Centre for Financial Research.
View in Google Scholar
Hair, J. F., Jr., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. Springer Nature. https://doi.org/10.1007/978-3-030-80519-7
View in Google Scholar
DOI: https://doi.org/10.1007/978-3-030-80519-7
Hidayat, H., Laini, A. S., Algista, S. D., & Juwitasary, H. (2024). Factors that influence customer intention to use Buy Now Pay Later (BNPL) in Indonesia. 2nd International Conference on Software Engineering and Information Technology. https://doi.org/10.1109/ICoSEIT60086.2024.10497477
View in Google Scholar
DOI: https://doi.org/10.1109/ICoSEIT60086.2024.10497477
Hoo, W. C., Khee, K. H., Wolor, C. W., Teck, T. S., & Toh, J. S. (2024). Determinants of intention to use Buy Now Pay Later (BNPL). Journal of Lifestyle and SDGs Review, 5(1), e02698, 1-32. https://doi.org/10.47172/2965-730X.SDGsReview.v5.n01.pe02698
View in Google Scholar
DOI: https://doi.org/10.47172/2965-730X.SDGsReview.v5.n01.pe02698
Jagadhita, P. A. A., & Tjhin, V. U. (2023). The analysis of factors influencing intention to use pay later using technology acceptance model (TAM). Jurnal Cahaya Mandalika, 4(1), 467–479. https://www.ojs.cahayamandalika.com/index.php/ JCM/article/view/1356
View in Google Scholar
Kinanthi, E. S., Elysia Sinarso, I., Bhimasta, R. A., & Dewangga Pramudita, D. P. (2024). Multidimensional analysis of perceived risk in Buy Now Pay Later services. 9th International Conference on Business and Economy. Yogyakarta. Indonesia. https://doi.org/10.2478/9788367405836-003
View in Google Scholar
DOI: https://doi.org/10.2478/9788367405836-003
Kiran, D., & Mishra, A. K. (2024). Analyzing the buy now pay later (BNPL) industry: A SWOT analysis for strategic insights. In R. Agrawal, A. P. Srivastava & A. Sugiyama (Eds.), Sustainability in Digital Transformation Era: Driving Innovative & Growth (pp. 322–326). CRC Print.
View in Google Scholar
DOI: https://doi.org/10.1201/9781003534136-50
Kiran, D., Nagar, S., & Singh, I. (2024). Unlocking market potential: The intersection of Buy Now Pay Later, digitalization, and marketing strategies. 1st International Conference on Sustainable Computing and Integrated Communication in Changing Landscape of AI. Greater Noida. India. https://doi.org/10.1109/ICSCAI61790.2024.10866129
View in Google Scholar
DOI: https://doi.org/10.1109/ICSCAI61790.2024.10866129
Krisnawati, A., & Sam, D. M. R. (2024). The impact of debt literacy on over-indebtedness of Buy Now Pay Later (BNPL) users in West Java. Proceedings of the International Conference on Sustainable Collaboration in Business, Technology, Information, and Innovation. https://doi.org/10.2991/978-94-6463-558-4_12
View in Google Scholar
DOI: https://doi.org/10.2991/978-94-6463-558-4_12
Kumar, S., & Nayak, J. K. (2024). Understanding the intricacies of risky indebtedness, impulse buying and perceived risk in buy-now-pay-later adoption. Asia Pacific Journal of Marketing and Logistics, 36(7), 1697–1716. https://doi.org/10.1108/apjml-08-2023-0759
View in Google Scholar
DOI: https://doi.org/10.1108/APJML-08-2023-0759
Min, L. H., & Cheng, T. L. (2023). Consumers’ intention to use “Buy Now Pay Later” in Malaysia. 3rd Conference on Management, Business, Innovation, Education and Social Sciences, 3(1), 261–278. https://journal.uib.ac.id/index.php/combines/article/view/7696
View in Google Scholar
Mitchell, V. W. (1999). Consumer perceived risk: Conceptualisation and models. European Journal of Marketing, 33(1–2), 163–195. https://doi.org/10.1108/ 03090569910249229
View in Google Scholar
DOI: https://doi.org/10.1108/03090569910249229
Molina-Castillo, F. J., Rodriguez-Guirao, A., Lopez-Nicolas, C., & Bouwman, H. (2016). Analysis of mobile pre-payment (pay in advance) and post-payment (pay later) services. International Journal of Mobile Communications, 14(5), 499–517. https://www.inderscienceonline.com/doi/abs/10.1504/IJMC.2016.078725
View in Google Scholar
DOI: https://doi.org/10.1504/IJMC.2016.078725
Moon, W. Y., & Kim, S. D. (2016, October 3–5). A payment mediation platform for heterogeneous FinTech schemes. Paper presented at 2016 IEEE Advanced Information Management, Communicates, Electronic and Automation Control Conference. Xi’an. China.
View in Google Scholar
Mulino, D., Scheelings, R., Brooks, R., & Faff, R. (2009). Does risk aversion vary with decision-frame? An empirical test using recent game show data, Review of Behavioral Finance, 1(1), 44–61. https://doi.org/10.1108/19405979200900003
View in Google Scholar
DOI: https://doi.org/10.1002/rbf.3
Osman, I., Ariffin, N. A. M., Mohd Yuraimie, M. F. N., Ali, M. F. B., & Noor Akbar, M. A. F. (2024). How Buy Now, Pay Later (BNPL) is shaping Gen Z’s spending spree in Malaysia. Information Management and Business Review, 16(3(I)S), 657–674. https://doi.org/10.22610/imbr.v16i3(I)S.4092
View in Google Scholar
DOI: https://doi.org/10.22610/imbr.v16i3(I)S.4092
Raj, V. A., Jasrotia, S. S., & Rai, S. S. (2024a). Role of perceived risks and perceived benefits on consumers behavioural intention to use Buy-Now, Pay-Later (BNPL) services. Journal of Facilities Management, 23(2), 330–351. https://doi.org/10.1108/JFM-01-2023-0004
View in Google Scholar
DOI: https://doi.org/10.1108/JFM-01-2023-0004
Raj, V. A., Jasrotia, S. S., & Rai, S. S. (2024b). Role of privacy concerns and trust in consumers’ intention to use Buy-Now, Pay-Later (BNPL): An extended TPB model. International Journal of Huma-Computer Interaction, 40(22), 7731–7742. https://doi.org/10.1080/10447318.2023.2269005
View in Google Scholar
DOI: https://doi.org/10.1080/10447318.2023.2269005
Reichheld, F. F. (2003, December). One number you need to grow. Harvard Business Review. https://hbr.org/2003/12/the-one-number-you-need-to-grow
View in Google Scholar
Relja, R., Ward, P., & Zhao, A. L. (2024). Understanding the psychological determinants of Buy-Now-Pay-Later (BNPL) in the UK: A user perspective. International Journal of Bank Marketing, 42(1), 7–37. https://doi.org/10.1108/IJBM-07-2022-0324
View in Google Scholar
DOI: https://doi.org/10.1108/IJBM-07-2022-0324
Rogers, E. M. (1962). Diffusion of innovations. Free Press of Glencoe.
View in Google Scholar
Rouibah, K., Lowry, P. B., & Hwang, Y. (2016). The effects of perceived enjoyment and perceived risks on trust formation and intentions to use online payment systems: New perspectives from an Arab country. Electronic Commerce Research and Applications, 19, 33–43. https://doi.org/10.1016/j.elerap.2016.07.001
View in Google Scholar
DOI: https://doi.org/10.1016/j.elerap.2016.07.001
Schomburgk, L., & Hoffmann, A. (2022). How mindfulness reduces BNPL usage and how that relates to overall well-being. European Journal of Marketing, 57(2), 325– 359. https://doi.org/10.1108/ejm-11-2021-0923
View in Google Scholar
DOI: https://doi.org/10.1108/EJM-11-2021-0923
Statista. (2025). Market share of buy now, pay later (BNPL) in domestic e-commerce payments in 41 countries and territories worldwide from 2016 to 2024. https://www.statista.com/statistics/1233850/online-bnpl-penetration-country/
View in Google Scholar
Streukens, S., & Leroi-Werelds, S. (2016). Bootstrapping and PLS-SEM: A step-by-step guide to get more out of your bootstrapping results. European Management Journal, 34(6), 618–632. https://doi.org/10.1016/j.emj.2016.06.003
View in Google Scholar
DOI: https://doi.org/10.1016/j.emj.2016.06.003
Tan, G. K. S. (2022). Buy what you want, today! Platform ecologies of ‘buy now, pay later services in Singapore. Transactions of the Institute of British Geographers, 47(4), 912–926. https://doi.org/10.1111/tran.12539
View in Google Scholar
DOI: https://doi.org/10.1111/tran.12539
Van Tuan, P., Tram, N. T. P., Chi, V. M., Hao, N. T., Linh, N. K., & Anh, N. P. D. (2024). Factors affecting the intention to Buy Now – Pay Later for online payment of Generation Z. Journal of Business Econometrics Studies, 1(2), 1–6. https://doi.org/10.61440/JBES.2024.v1.12
View in Google Scholar
DOI: https://doi.org/10.61440/JBES.2024.v1.12
Waliszewski, K., Solarz, M., & Kubiczek, J. (2024). Factors influencing the use of Buy Now Pay Later (BNPL) payments. Contemporary Economics, 18(4), 444–457. https://doi.org/10.5709/ce.1897-9254.548
View in Google Scholar
DOI: https://doi.org/10.5709/ce.1897-9254.548
Wei, Y., Wang, C., Zhu, S., Xue, H., & Chen, F. (2018). Online purchase intention of fruits: Antecedents in an integrated model based on technology acceptance model and perceived risk theory. Frontiers in Psychology, 9, 1521. https://doi.org/10.3389/fpsyg.2018.01521
View in Google Scholar
DOI: https://doi.org/10.3389/fpsyg.2018.01521
Whitman, M. E., & Mattord, H. J. (2009). Principles of information security. Course Technology.
View in Google Scholar
Xiao, J. J., & Wu, J. (2006). Applying the Theory of Planned Behavior to retain credit counseling clients. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.939437
View in Google Scholar
DOI: https://doi.org/10.2139/ssrn.939437
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Krzysztof Waliszewski, Ewa Cichowicz, Mateusz Folwarski, Łukasz Gębski, Jakub Kubiczek, Paweł Niedziółka, Małgorzata Solarz
This work is licensed under a Creative Commons Attribution 4.0 International License.
