Authors - Febrian Nasrullah, Abdul Mukti Soma Abstract - This study examines the impact of risk perception, financial selfefficacy, and financial literacy on the actual usage behavior and intention to use "Buy Now Pay Later" (BNPL) services among Generation Z in Indonesia. Adopting a quantitative approach, the study surveyed 385 Gen Z individuals who use BNPL services such as Kredivo or Akulaku. Data were analyzed using SEM-PLS with the aid of SmartPLS 4. The results indicate that financial selfefficacy and financial literacy contribute to actual usage behavior and intention, whereas risk perception has a negative impact on both. Furthermore, intention contributes to actual usage behavior and mediates the effects of the other variables. These findings indicate that financial management skills, risk perception, and individual confidence in financial capability play a pivotal role in shaping BNPL usage behavior among Generation Z in Indonesia.
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