Buy Now Pay Later Usage Intensity, Financial Distress, and Coping Strategies: A Qualitative Study of Muslim University Students in Medan, Indonesia

Trisnawati Lubis; Nur Ahmadi Bi Rahmani; Imsar

doi:10.26905/jbm.v13i1.17580

Authors

Trisnawati Lubis
Nur Ahmadi Bi Rahmani
Imsar

DOI:

https://doi.org/10.26905/jbm.v13i1.17580

Keywords:

Buy Now Pay Later (BNPL), Financial Distress, Financial Technology

Abstract

The advancement of financial technology has driven the emergence of various innovations in digital financial services, one of which is Buy Now Pay Later (BNPL). This service facilitates the payment process, offers payment flexibility, and provides quick access to financing, making it increasingly popular, particularly among university students. However, the use of Buy Now Pay Later (BNPL) without proper financial management may potentially lead to financial distress, a condition in which individuals experience difficulties in meeting their financial obligations due to limited economic capacity. This study aims to: (1) examine the intensity of Buy Now Pay Later (BNPL) usage among students at the State Islamic University of North Sumatra; (2) analyze the impact of Buy Now Pay Later (BNPL) usage on the financial distress experienced by students; and (3) analyze the efforts undertaken by students to minimize financial distress resulting from the use of Buy Now Pay Later (BNPL). This study employed a qualitative approach using a descriptive method. The research participants consisted of students at the State Islamic University of North Sumatra who use Buy Now Pay Later (BNPL) services. Data were collected through interviews, observations, and documentation and were subsequently analyzed using the interactive data analysis model developed by Miles, Huberman, and Saldaña. The findings reveal that, first, the intensity of Buy Now Pay Later (BNPL) usage among students is categorized as high. The high level of usage is influenced by several factors, including ease of access, various promotional programs, economic needs, and a tendency toward a consumptive lifestyle. Second, intensive use of Buy Now Pay Later (BNPL) contributes to the emergence of financial distress, as indicated by difficulties in managing finances, increasing installment burdens, delayed bill payments, and psychological pressure arising from financial obligations. Third, students undertake several efforts to minimize financial distress, including limiting their use of Buy Now Pay Later (BNPL), preparing financial budgets, prioritizing needs over wants, and improving financial literacy as a foundation for managing personal finances more efficiently. Overall, this study confirms that Buy Now Pay Later (BNPL), as one of the services offered by financial technology, provides convenience and flexibility in meeting transaction needs. Nevertheless, when its use is not accompanied by sound financial management and adequate self-control, the service may increase the risk of financial distress among university students

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