Social media platform TikTok has banned its users from advertising buy now, pay later schemes to curb bad financial advice being shared across its platform. This means that big players such as Klarna will not be able to advertise branded content. Examples of services no longer allowed to be promoted on TikTok include BNPL services, management of money assets, loans and credit cards and bitcoin, as well as pyramid and get rich quick schemes.

Meanwhile, 13% of consumers between 18 and 24 years old admitted influencers had played a part in their decision to shop now and pay later. The findings also revealed that, on average, BNPL payments are expected after 49 days, but customers were found to take 261 days to pay their debts.