Online payments: Greeks turning to BNPL

53% of Greek consumers say they are willing to choose Buy Now, Pay Later (BNPL) services over credit cards.

This is revealed by Klarna’s new “Q3 Shopping Pulse Report 2023” survey, according to which the BNPL method emerges as a new force in recent consumer trends and behaviors in the Greek market.

In collaboration with the research company Nepa, Klarna conducted a survey with the participation of more than 16,000 consumers from 16 countries, including Greece. According to the survey data, Greek consumers choose Buy Now, Pay Later (BNPL) services over the use of credit cards.

Preference for Buy Now, Pay Later

In Greece, 53% of consumers state that they would choose BNPL services for payments with interest-free installments, and 32% that they would prefer to use a credit card. In addition, 60% of Greek consumers consider it useful to be able to pay for an expensive product in equal installments, without additional costs or interest. With the Pay in 3 service, Klarna offers consumers this possibility, i.e. to be able to pay in 3 interest-free installments for purchases online and in physical stores. Globally, among the 16 countries surveyed, 14 prefer BNPL services over credit cards.

Increase in online shopping

Over a quarter of Greek consumers who participated in the survey (29%) shop online at least once a week. Of all consumers in Greece, half buy mainly clothing and footwear, both online and in physical stores. The majority of consumers (52%) prefer to shop using the mobile phone, while 43% choose the computer. Greek consumers cite the lower prices (86%), the ability to compare prices (86%), time savings (89%), the wider range of products (79%) as the main advantages of online shopping compared to shopping in a store , the best product information (62%) and the most variety of payment options (72%).

Price comparisons

The rise of online shopping has made price comparison tools more accessible, allowing consumers to find the best deals between online stores. In Greece, 97% of consumers compare the prices of products from different merchants before making a purchase.

Consumer expectations for innovation in commerce

An overwhelming 94% of Greek consumers believe that retailers must constantly invest in new technologies to respond to developments. Personalized service, personalized product recommendations and easy transactions top the list of investments that participants rate as most important. Responding to consumer needs and expectations, Klarna has recently launched new services based on AI technology, including Shopping feed with personalized recommendations to users, as well as Shopping lens, an AI-powered image search service that allows users to take photos, search and shop anything around them. These services are currently available in a few countries, with the aim of expanding to new markets in the future.