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H3 confirmed that MA negatively affects pay (PP) (β=−0.572, t=10.498, p<0.05),
reducing payment discomfort via psychological separation (Thaler, 1999; Prelec &
Loewenstein, 1998).
H4 showed PP negatively impacts SI (β=−0.192, t=2.502, p=0.013), acting as a
spending barrier (Choe & Kan, 2021; Massenot, 2022; Frederick et al., 2009; Zellermayer,
1996).
H5 demonstrated BNPL positively affects satisfaction (SA) (β=0.683, t=16.291,
p<0.001), driven by payment flexibility (Chen et al., 2019; Kuo et al., 2009; Zhong & Moon,
2022).
H6 confirmed SA enhances SI (β=0.180, t=2.121, p=0.034), playing a supportive role
(Zeithaml et al., 1996; Yen & Gwinner, 2003; Yao et al., 2018; Hegawan et al., 2023).
H7 revealed financial literacy (FL) negatively relates to SI (β=−0.271, t=4.195,
p<0.001), curbing impulsive BNPL use (Aulia et al., 2023; Yahfi et al., 2025).
H8 confirmed FL's moderating role on BNPL–SI (β=0.088, t=3.647, p<0.001), with a
weak effect: high-FL consumers decide rationally, while low-FL ones are more impulsive.
The model explains 59.6% of SI variance (R² = 0.596), indicating substantial fit
(Cohen & Chin, 1988). Effect sizes (f²) show very strong effects for BNPL on SA/MA and
MA on PP; while others are small.
5. Conclusion and recommendations
5.1. Conclusion
The findings indicate that BNPL does not primarily affect shopping intention through
a strong direct effect. Instead, its influence occurs mainly through indirect pathways. A
key mechanism is the cognitive pathway, in which BNPL usage strengthens mental
accounting, which subsequently reduces the pain of paying and ultimately increases
online shopping behavioural intention. This suggests that BNPL reshapes how consumers
cognitively frame payments, thereby lowering perceived financial discomfort and
facilitating purchase decisions.
An affective pathway is also identified, where BNPL increases consumer satisfaction,
which in turn enhances shopping intention. However, this effect is weaker than the
cognitive mechanism, indicating that emotional evaluation complements but does not
dominate the decision-making process.
Finally, financial literacy plays a dual role. Consumers with higher financial literacy
generally show lower shopping intention due to more cautious consumption behaviour.
However, financial literacy also positively moderates the BNPL-intention relationship,
meaning that knowledgeable consumers who choose to use BNPL respond more
deliberately, strengthening the positive impact of BNPL on shopping intention.
5.2. Implications
5.2.1. Theoretical implications
First, this study synthesizes prior research and applies behavioral theories to
establish a solid theoretical foundation for future BNPL inquiries in Finance and Marketing.
Second, the research adopts a novel modeling approach integrating the S-O-R
model, Mental Accounting Theory, and Hyperbolic Discounting Theory, while also
examining the roles of financial literacy and satisfaction in shaping consumer behavior.
Third, the study reveals that BNPL usage activates psychological factors, stimulating
consumers' online shopping intentions. This advances e-commerce and FinTech literature
by bolstering models emphasized on psychological drivers of consumer behavior.

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