Buy Now, Pay Later as a debit card: new Nibud report confirms what we already saw
About 54 percent of young adults between 18 and 27 years old sometimes use Buy Now, Pay Later. More than half of them do not see this as a debt, but as a normal way of paying. This is according to the report Young adults and Buy Now, Pay Later by Nibud. We read the research from start to finish and can only conclude that the results confirm what we already pointed out last month.
In March, CEO Arjan Stigter wrote about our decision to reject certain BNPL claims, as long as the providers' duty of care is not demonstrably safeguarded. The new Nibud research provides the statistical foundation for precisely that concern.
Read our previous blog: "BNPL and the need for a real duty of care" →
Results of the study
Nibud surveyed 1,509 young adults aged 18 to 27, supplemented by two exploratory focus groups. The researchers looked at the use of small credits, the perception of Buy Now Pay Later, financial behavior, and the degree of financial stress.
A few interesting takeaways from the study:
- More than 50% of young adults see BNPL as a payment method and not as a loan.
- Approx. 39% of BNPL users have paid late at least once.
- 13% of underage students use BNPL, despite the age limit.
- 24% have already incurred collection costs due to paying late via BNPL.
How young people view Buy Now, Pay Later
One of the most striking findings in the report is about the perception of young people. The more frequently someone uses Buy Now, Pay Later, the less they consider it as building up a debt. Frequent users view it almost exclusively as a regular payment method.
| Description | BNPL never | BNPL sometimes | BNPL often |
| A payment method | 10% | 25% | 36% |
| A form of loan | 30% | 35% | 26% |
| A debt | 38% | 17% | 16% |
| Temporary deferment, not a debt | 21% | 23% | 23% |
How young adults describe Buy Now, Pay Later, by usage (source: Nibud 2026)
This picture closely aligns with our own observation: BNPL providers actively present their service as a payment method. Among other things, by issuing debit cards and linking it to apps for payment overviews. The message young people receive is therefore not one of "attention, this is a loan", but rather "click here to check out".
The blind spot of accumulating debt
What the report also clearly highlights is the overlap in the use of small credits. Those who frequently use Buy Now, Pay Later are also more likely to be overdrawn, have a credit card, and buy a phone on installment. Debts are stacked, while nobody sees the big picture—neither the provider nor, quite often, the consumer themselves.
| Combination with BNPL | BNPL never | BNPL sometimes | BNPL often |
| Phone on installment | 22% | 30% | 53% |
| Credit card | 12% | 16% | 32% |
| Overdraft (being overdrawn) | 4% | 10% | 17% |
Combination of small credits by BNPL usage (source: Nibud 2026)
The table above shows exactly the blind spot that Arjan described in March. Because providers cannot look at competitors due to privacy rules, debts accumulate before a red flag is raised anywhere.
Frequent users and financial stress
Another important part of the report is about financial stress. Nibud investigated the correlation between BNPL usage and financial pressure. The outcome is telling: those who use BNPL frequently experience significantly more financial stress than those who rarely or never use it.
| Statement | BNPL never | BNPL often |
| I often have too little money | 26% | 54% |
| I cannot pay my bills on time | 18% | 43% |
| I live from day to day | 23% | 54% |
| I often worry about money | 38% | 62% |
| I have little control over my finances | 27% | 54% |
Financial stress among frequent BNPL users versus non-users (source: Nibud 2026)
The Nibud report explicitly states that it is difficult to make statements about cause and effect based on the results. It could be that BNPL causes financial stress, but also that young people who already experience financial stress use BNPL specifically to still be able to make purchases. In both cases, it is a negative phenomenon, and ultimately it is the debt collection industry at the end of the line.
A step in the right direction
Nibud calls the upcoming regulation, where BNPL will fall under the Financial Supervision Act in November 2026 and providers will have to perform a creditworthiness check, a good development. But the report immediately adds: its success stands or falls on good implementation and enforcement.
That is precisely the reason why we at Ultimoo are still selective for now. As long as the duty of care is not legally established and enforced, we do not want to be the party presenting the final bill for an irresponsible preliminary process.
Most strikingly, young adults themselves are also in favor of stricter rules. For instance, 69 percent of the respondents support a mandatory age check and 71 percent support a standard warning phrase for BNPL, similar to those for other loans.
What does this mean for businesses?
Do you supply to young adults, or do you offer a Buy Now, Pay Later option yourself? Then this Nibud research is a direct signal. The customer ordering today may already have multiple outstanding BNPL obligations with other providers, without you or them knowing it.
Good credit management therefore starts before an invoice remains unpaid:
- Communicate payment terms clearly and repeat them with every transaction.
- Follow up on payment arrears quickly, preferably within fourteen days.
- Engage an amicable debt collection partner in a timely manner as soon as a reminder has no effect.
- Check whether your own payment process complies with the upcoming duty of care rules.
The sooner a collection process is started, the greater the chance of successful recovery. Waiting increases the risk that the debtor has meanwhile acquired multiple creditors and your claim is at the back of the line.
