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2022 Buy Now Pay Later Awards
2022 Buy Now Pay Later Award winners
Outstanding Value – Buy Now Pay Later
Most Satisfied Customers – Buy Now Pay Later Consumer Award
Most Satisfied Customers – Buy Now Pay Later Merchant Award
About Canstar’s Buy Now Pay Later Award winners
It’s been another eventful year for Australia’s buy now pay later (BNPL) sector, with several new providers entering the market and the Federal Government announcing that it intends to begin regulating BNPL services as credit products in 2023.
If you’re considering using a BNPL service, Canstar’s expert researchers have analysed 13 providers across various aspects of price, service and consumer protection.
We also asked 2,920 Aussie consumers and 333 merchants how happy they were with their BNPL provider, to determine the winner of our Most Satisfied Customers – Buy Now Pay Later and Most Satisfied Customers – Buy Now Pay Later Merchant Awards.
StepPay
StepPay, which is exclusive to eligible Commonwealth Bank customers with an everyday transaction account, can be used anywhere Mastercard is accepted. There is no annual or monthly fee for using StepPay and customers can access it within the Commbank app alongside their other accounts. Customers are subject to credit assessments and limits up to $2,000, which are considered major benefits under the award methodology, Canstar Research said.
PayPal Pay in 4
PayPal Pay in 4 led the market on value for money and fees and charges among the consumers surveyed, which is unsurprising given this product is fee-free. PayPal customers also rated its service highly on communication, setup and application, and digital experience. Likewise, among merchants PayPal Pay in 4 achieved market-leading satisfaction scores in communication, fees and charges, value for money, service integration, settlement and reporting.
Openpay
At the time of the Awards (September 2022), Openpay was observed to offer plans of up to 24 months for purchases up to $20,000 depending on a user’s circumstances. Canstar Research noted, during the assessment timeframe prior to the announcement of the award, that the range of retailers offering Openpay has expanded, as its brand continues to grow. Additionally, Openpay has continued to improve its fee structure, notably offering larger payment plans for less than the cost of other services, Canstar Research found. Openpay says that depending on the purchase amount, customers may be asked to consent to a credit check.
Release date: 28 September 2022
How were the BNPL Awards assessed?
For the Outstanding Value Award, Canstar’s experts use a sophisticated and unique ratings methodology to compare BNPL products. Each product is awarded points for its comparative pricing and for the array of features available to customers throughout their journey. The features include suitability assessment measures (such as credit checks), retailer availability, account management (e.g. access to digital wallets and flexibility of repayments) and customer support and hardship options (e.g. a call centre, online chat and options for those experiencing financial hardship).
Eligible products are assessed across two profiles: Small Purchases (up to $2,000) which accounts for 70% of the total score, and Major Purchases (above $2,000) which makes up the other 30%.
For the Most Satisfied Customers – Buy Now Pay Later Awards, Canstar surveyed almost 3,000 Australian BNPL customers and over 300 merchants, asking them to score their provider based on overall satisfaction, plus their satisfaction with specific aspects of the product such as customer service, fees and charges and value for money.
Canstar surveyed consumers and merchants about their BNPL provider separately, and issued an award in each category to the provider with the highest overall satisfaction score.
Read our Outstanding Value Award methodology →
View the full list of products considered →
Read our Customer Satisfaction Award methodology →
See all Canstar Star Ratings and Award results →
Numbers crunched by Canstar Researchers
13 eligible providers
2 Outstanding Value Award winners
2,920 customers surveyed
333 merchants surveyed
1 Most Satisfied Customers Award winner
Does Canstar rate other products?
Insurance
Accounts and Transfers
About Canstar
Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.
FAQs
About: Josh Sale, Ratings Manager
Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)
Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.
As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.
Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.
Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.
You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.