Notes on Financial Stability and Supervision no. 50 - Buy Now Pay Later: Market Features, Risks and Regulatory Developments

24 March 2026

The Buy Now Pay Later (BNPL) market has grown rapidly in Italy in recent years, as it has in the rest of the world. Alongside the advantages of this product, there are vulnerabilities that are difficult to assess due to the limited availability of data on volumes and riskiness. Analyses on the United States and Europe highlight the financial fragility of BNPL users.

According to the 2022 Survey on Household Income and Wealth (SHIW) and the 2025 Business Outlook Survey (ICF), the use of BNPL in Italy has increased significantly (from 4 per cent of households in 2022 to 30 per cent in 2025, although about two thirds only use it occasionally). In line with the trends observed in other countries, this form of financing is increasingly involving financially vulnerable groups, with medium‑low incomes, limited wealth/assets? and pre‑existing debt, especially for consumption purposes or to consolidate other liabilities; BNPL is also widespread among borrowers who are late in repaying their debts/are behind with their debt payments.

The new European Consumer Credit Directive (CCD2) will cover most BNPL transactions from November 2026 onwards, introducing, among other things, compliance with stricter transparency requirements for pre‑contractual and contractual information and more rigorous creditworthiness assessments. These measures aim to reduce the risks of over‑indebtedness and of repayment difficulties. Implementing CCD2 could therefore have positive effects on consumer protection and on credit risk.

Annexes

  1. 24 March 2026
    No. 50 - Buy Now Pay Later: Market Features, Risks and Regulatory Developments
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    (only in Italian)