Exploring the Impact of Fintech Literacy, Smart BNPL Solutions (Koko App and Credit Cards), and Financial Wellbeing on Consumer Buying Behavior in the Colombo District, Sri Lanka

Abstract

Introduction: This study investigates the impact of Fintech literacy, smart BNPL solutions (Koko App and credit cards), and financial wellbeing on consumer buying behavior in the Colombo district, Sri Lanka. This research highlights how these variables impact consumer behavior.

Methodology: The research employs a quantitative methodology, using structured questionnaires to collect data from 419 respondents within the Colombo district. Key variables—Fintech literacy, smart BNPL solutions (Koko App and credit cards), financial wellbeing, and consumer buying behavior—were measured using validated scales. Statistical techniques, including correlation and regression analyses, were applied to evaluate the impact of the independent variables on dependent variables and test the proposed hypotheses.

Findings: The study reveals significant positive impact of independent variables on consumer buying behavior. Smart BNPL solutions (Koko App and credit cards), Fintech literacy, and financial wellbeing are positively impacting consumer buying behavior, demonstrating that increased financial knowledge and stability promote responsible financial decisions.

Conclusion: This research underscores the pivotal role of Fintech literacy, BNPL adoption, and financial wellbeing in shaping consumer purchasing decisions. The findings provide actionable insights for policymakers, financial institutions, and educators to enhance the adoption and effectiveness of technology-driven financial solutions. Future studies could explore demographic influences, longitudinal trends, and psychological factors to build a more comprehensive understanding of consumer buying behavior in the digital financial landscape.