Nearly £1 in every £8 spent online last month was sourced from buy-now-pay-later providers, according to research by Adobe Analytics, as Brits are relying on this payment method to fund shopping through the cost-of-living-crisis.

Buy-now-pay-later is a trend I see continuing, particularly when you look at some of the tech giants now getting in on the act. Apple has been testing its own new BNPL service to retail employees (Apple Pay Later) which is due to launch to the public soon.

The key for success for any BNPL scheme is the ease in which it’s accessible to consumers. Brands that invest in seamless, easy to use online experiences for customers (including fast approval) will be the winners as consumers look to still treat themselves but to spread the cost.

BNPL can be convenient but companies need to ensure they are lending money ethically because in the UK the BNPL industry is currently unregulated. While the government has set out some plans for new rules to improve customer protection (including affordability checks), nothing is currently in place leaving potentially the UK’s most vulnerable consumers at risk.”