Reframing Debt in Buy Now Pay Later (BNPL) Schemes: A Phenomenological Study of Generation Z Consumers
DOI:
https://doi.org/10.60023/4vttz933Keywords:
Buy Now Pay Later, Debt, Generation Z, behavioral accounting, phenomenologyAbstract
The rapid development of financial technology has accelerated
the adoption of Buy Now Pay Later (BNPL) services as a key
digital financing alternative among Generation Z. While its ease
of access, flexible payment schemes, and seamless digital
processes enhance convenience, BNPL also reshapes how
consumers perceive debt and manage personal finances. This
study aims to explore the meaning of debt in BNPL usage
among Generation Z using a phenomenological approach,
addressing the limited qualitative insights in prior research
dominated by quantitative methods. This study employs a
qualitative phenomenological design, with data collected
through in-depth interviews with Generation Z BNPL users in
Indonesia. The data were analysed using thematic analysis to
identify patterns of meaning derived from participants’ lived
experiences. The findings indicate that Generation Z tends to
interpret BNPL debt not as a conventional financial obligation,
but as a practical and flexible payment method. Repeated usage
fosters the normalization of debt within a digital lifestyle and
creates an illusion of financial control due to the emphasis on
small instalment amounts. However, this perception also
introduces potential financial risks and psychological pressure
as obligations accumulate. This study concludes that BNPL
debt represents a socially constructed meaning shaped by
subjective experiences, social interactions, and the digital
consumption context. The findings contribute to the
development of behavioural accounting literature and provide
practical implications for strengthening digital financial literacy
and consumer protection policies targeting Generation Z.
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