What the rise of "buy now, pay later" means for consumers and retailers

<!DOCTYPE html> <html lang="en" dir="ltr" prefix="og: https://ogp.me/ns#"> <head> <script> //let partyLib = '/themes/custom/icbs/build/js/partytown/'; //if (window.location.href.indexOf("business-school") > -1) { // partyLib = '/business-school' + partyLib; //} //partytown = { // lib: partyLib, // //forward: ['dataLayer.push', 'fbq'], // //resolveUrl: function (url, location, type) { // // //if (type === 'script') { // // // const proxyUrl = new URL('https://cdn.builder.codes/api/v1/js-proxy'); // // // proxyUrl.searchParams.append('url', url.href); // // // proxyUrl.searchParams.append('apiKey', '15f3da5fbb10456e95a390848ef2b861'); // // // return proxyUrl; // // //} // // if (type === 'script') { // // var proxyUrl = new URL('https://www.imperial.ac.uk/business-school/'); // // proxyUrl.searchParams.append('url', url.href); // // return proxyUrl; // // } // // return url; // //}, //}; // ///* Partytown 0.7.0 - MIT builder.io */ //!function(t,e,n,i,r,o,a,d,s,c,p,l){function u(){l||(l=1,"/"==(a=(o.lib||"/~partytown/")+(o.debug?"debug/":""))[0]&&(s=e.querySelectorAll('script[type="text/partytown"]'),i!=t?i.dispatchEvent(new CustomEvent("pt1",{detail:t})):(d=setTimeout(w,1e4),e.addEventListener("pt0",f),r?h(1):n.serviceWorker?n.serviceWorker.register(a+(o.swPath||"partytown-sw.js"),{scope:a}).then((function(t){t.active?h():t.installing&&t.installing.addEventListener("statechange",(function(t){"activated"==t.target.state&&h()}))}),console.error):w())))}function h(t){c=e.createElement(t?"script":"iframe"),t||(c.setAttribute("style","display:block;width:0;height:0;border:0;visibility:hidden"),c.setAttribute("aria-hidden",!0)),c.src=a+"partytown-"+(t?"atomics.js?v=0.7.0":"sandbox-sw.html?"+Date.now()),e.body.appendChild(c)}function w(t,n){for(f(),t=0;t<s.length;t++)(n=e.createElement("script")).innerHTML=s[t].innerHTML,e.head.appendChild(n);c&&c.parentNode.removeChild(c)}function f(){clearTimeout(d)}o=t.partytown||{},i==t&&(o.forward||[]).map((function(e){p=t,e.split(".").map((function(e,n,i){p=p[i[n]]=n+1<i.length?"push"==i[n+1]?[]:p[i[n]]||{}:function(){(t._ptf=t._ptf||[]).push(i,arguments)}}))})),"complete"==e.readyState?u():(t.addEventListener("DOMContentLoaded",u),t.addEventListener("load",u))}(window,document,navigator,top,window.crossOriginIsolated); </script>  <script src="https://cdn-ukwest.onetrust.com/scripttemplates/otSDKStub.js" type="text/javascript" charset="UTF-8" data-domain-script="504a1c92-b457-4e6b-ac1a-afd67320ff16" ></script> <script type="text/javascript"> function OptanonWrapper() { } </script>   <script> (function (w, d, s, l, i) { w[l] = w[l] || []; w[l].push({ 'gtm.start': new Date().getTime(), event: 'gtm.js' }); var f = d.getElementsByTagName(s)[0], j = d.createElement(s), dl = l != 'dataLayer' ? 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New research from Imperial College Business School shows how this is affecting consumer behaviour – and what it means for retailers and policymakers." /> <meta name="geo.placename" content="London" /> <meta name="geo.region" content="GB" /> <meta name="icbm" content="51.499273, -0.174787" /> <meta name="geo.position" content="51.499273, -0.174787" /> <meta http-equiv="content-language" content="en" /> <link rel="canonical" href="https://www.imperial.ac.uk/business-school/ib-knowledge/marketing/what-the-rise-buy-now-pay-later-means-consumers-and-retailers/" /> <meta name="robots" content="index, follow" /> <meta property="og:site_name" content="Imperial College Business School" /> <meta property="og:type" content="Knowledge" /> <meta property="og:url" content="https://www.imperial.ac.uk/business-school/ib-knowledge/marketing/what-the-rise-buy-now-pay-later-means-consumers-and-retailers/" /> <meta property="og:title" content="What the rise of "buy now, pay later" means for consumers and retailers" /> <meta property="og:description" content=""Buy now, pay later" solutions have taken off as a more manageable way to pay for purchases. New research from Imperial College Business School shows how this is affecting consumer behaviour – and what it means for retailers and policymakers." /> <meta property="og:image:url" content="https://www.imperial.ac.uk/business-school/sites/default/files/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.jpg" /> <meta property="og:image:url" content="https://www.imperial.ac.uk/business-school/sites/default/files/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.jpg" /> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:title" content="What the rise of "buy now, pay later" means for consumers and retailers" /> <meta name="twitter:description" content=""Buy now, pay later" solutions have taken off as a more manageable way to pay for purchases. New research from Imperial College Business School shows how this is affecting consumer behaviour – and what it means for retailers and policymakers." /> <meta name="twitter:site" content="@ImperialBiz" /> <meta name="twitter:url" content="https://www.imperial.ac.uk/business-school/ib-knowledge/marketing/what-the-rise-buy-now-pay-later-means-consumers-and-retailers/" /> <meta name="twitter:image" content="https://www.imperial.ac.uk/business-school/sites/default/files/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.jpg" /> <meta name="Generator" content="Drupal 10 (https://www.drupal.org)" /> <meta name="MobileOptimized" content="width" /> <meta name="HandheldFriendly" content="true" /> <meta name="viewport" content="width=device-width, initial-scale=1.0" /> <script type="application/ld+json">{ "@context": "https://schema.org", "@graph": [ { "@type": "Article", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.imperial.ac.uk/business-school/ib-knowledge/marketing/what-the-rise-buy-now-pay-later-means-consumers-and-retailers/" }, "image": "/business-school/media/12477", "headline": "What the rise of \u0022buy now, pay later\u0022 means for consumers and retailers", "author": { "@type": "Person", "name": "Stijn Maesen", "url": "https://www.imperial.ac.uk/business-school/user/mstijn" }, "publisher": { "@type": "Organization", "name": "Imperial College Business School", "logo": { "@type": "ImageObject", "url": "/business-school/media/12477" } }, "datePublished": "2024-10-14" } ] }</script> <meta http-equiv="X-UA-Compatible" content="IE=edge" /><script type="text/javascript">(window.NREUM||(NREUM={})).init={privacy:{cookies_enabled:true},ajax:{deny_list:["bam.nr-data.net"]},distributed_tracing:{enabled:true}};(window.NREUM||(NREUM={})).loader_config={agentID:"1120036338",accountID:"3403031",trustKey:"66686",xpid:"VwIHUlZQCRABVFJUDggGV1cJ",licenseKey:"NRJS-dc31a2b6da7019ef036",applicationID:"1036991138"};;/*! 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type="image/webp" width="740" height="445"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_5x3_560/public/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.webp?h=aa81dfca&itok=OP663Amn 1x" media="all and (min-width: 576px)" type="image/webp" width="560" height="336"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_5x3_480/public/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.webp?h=aa81dfca&itok=J33IzeBt 1x" media="all and (min-width: 0)" type="image/webp" width="480" height="288"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_5x3_960/public/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.jpg?h=aa81dfca&itok=XHMIR-D1 1x" media="all and (min-width: 1060px)" type="image/jpeg" width="960" height="576"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_5x3_720/public/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.jpg?h=aa81dfca&itok=Qdwxa0uM 1x" media="all and (min-width: 840px)" type="image/jpeg" width="740" height="445"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_5x3_560/public/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.jpg?h=aa81dfca&itok=OP663Amn 1x" media="all and (min-width: 576px)" type="image/jpeg" width="560" height="336"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_5x3_480/public/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.jpg?h=aa81dfca&itok=J33IzeBt 1x" media="all and (min-width: 0)" type="image/jpeg" width="480" height="288"/> <img loading="eager" src="/business-school/sites/default/files/styles/focalpoint_5x3_960/public/2024-10/Buy%20now%20pay%20later%20IB%20Knowledge%20.jpg?h=aa81dfca&itok=XHMIR-D1" width="960" height="576" alt="Illustration of businessman pushing half clock and money coin forward" /> </picture> </div> <div class="key-info key-info--knowledge"> <div class="key-info__item"> <h4>Written by</h4> <div> <span><a href="/business-school/authors/mstijn">Stijn Maesen</a></span> </div> </div> <div class="key-info__item"> <h4>Published</h4> <div><time datetime="2024-10-14T12:00:00Z" class="datetime">14 October 2024</time> </div> </div> <div class="key-info__item"> <h4>Category</h4> <div> <a href="/business-school/category/knowledge-categories/marketing" hreflang="en">Marketing</a> </div> </div> <div class="key-info__item"> <h4>Key topics</h4> <div><a href="/business-school/category/key-topics/consumers" hreflang="en">Consumers</a>, <a href="/business-school/category/key-topics/marketing" hreflang="en">Marketing</a></div> </div> </div> <div class="field field--name-content-top field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <div class="paragraph paragraph--text paragraph--view-mode--default paragraph--margin"> <div class="field field--name-field-body field--type-text-long field--label-hidden field__items"> <div class="text-formatted "> <h3>"Buy now, pay later" solutions have taken off as a more manageable way to pay for purchases. New research from Imperial College Business School shows how this is affecting consumer behaviour – and what it means for retailers and policymakers.</h3> </div> </div> </div> </div> <div class="field__item"> <div class="paragraph paragraph--text paragraph--view-mode--default paragraph--margin"> <div class="field field--name-field-body field--type-text-long field--label-hidden field__items"> <div class="text-formatted "> <p>Buy now, pay later (BNPL) schemes allow customers to pay in <strong>instalments over a few weeks or months</strong>, but, unlike traditional credit options, it is <strong>typically interest-free</strong>. So, instead of paying for £100 at 12 per cent APR on a credit card, a customer can use BNPL to spread payment into four interest-free instalments of £25 over six weeks. </p> <p>These schemes have exploded in popularity over the past few years, with the total number of users reaching <a href="https://www.juniperresearch.com/press/pressreleasesbuy-now-pay-later-users-to-exceed-670-million-globally/">380 million in 2024</a>. Major retailers including Walmart, ASOS, Adidas and H&M have partnered with BNPL providers such as Afterpay and Klarna to offer the payment option, with <a href="https://www.statista.com/statistics/1311122/global-bnpl-market-value-forecast/">further growth expected over the next few years</a>.</p> <p>Alongside this rising uptake, however, BNPL schemes also attract <a href="https://www.thisismoney.co.uk/money/markets/article-13781727/Crackdown-Buy-Pay-Later-firms-Labour-pushes-ahead-plans-regulate-industry.html">a share of criticism</a>, particularly as their <strong>unregulated nature</strong> risks allowing financially vulnerable customers to take on unsustainable levels of debt. In response to these perceived issues, <strong>new rules and regulations are on the horizon in the UK</strong>, potentially including affordability checks and controls on how the schemes are marketed. </p> <h4>Effect of BNPL</h4> <p>In the context of retailers and consumers flocking to BNPL schemes in their droves, and policymakers moving closer to regulation, <strong>it’s important that we understand how and why they affect consumer choices</strong>. Are they worth the investment in set-up costs and transaction fees for retailers? What makes them attractive to customers? And does their effect differ among different types of consumers?</p> <p>We worked with a major US retailer to study real-world transaction data before and after the introduction of a BNPL scheme. <a href="https://journals.sagepub.com/doi/abs/10.1177/00222429241282414">Our research</a> is the first to explore how BNPL schemes affect people’s spending, budgeting, and perceived financial constraints.</p> <blockquote> <p>Those buying with credit cards (as opposed to debit cards) are impacted the most by BNPL schemes</p> </blockquote> <p>First and foremost, we found that <strong>BNPL options boost spending</strong>. Specifically, making BNPL available as a payment option increases both the number of purchases and the average amount spent per purchase among adopters. </p> <p>On average, after introducing a BNPL option, the probability of purchase increases by about nine percentage points and, when customers make a purchase, basket sizes are about 10 per cent larger. We also noted that this boost in spending is not just a short-term effect – it persists over time, lasting the entire 26 weeks in our study.</p> <h4>Root cause</h4> <p>So why does this happen? Our research shows that paying through <strong>BNPL helps people feel less financially constrained</strong> compared to lump sum payment – both upfront and delayed. This is important as, regardless of how much actual disposable income someone has, it is their perceived financial constraints that dictate their spending.</p> <p>Digging deeper into this finding, we observed that the reduction in perceived financial constraint is a result of BNPL making payments appear less costly and giving people a greater sense of control over their personal budgets. Together, these effects translate into greater and more frequent spending. </p> <h4>Wider impact</h4> <p>These findings are important, as, in spite of the rising popularity and reach of BNPL options, <strong>there remains relatively little understanding of the impact they have on consumer spending</strong>. </p> <p>By showing that BNPL options increase how much people buy and how often they make purchases, our research highlights the benefits they offer to retailers. This may go some way towards <strong>justifying the initial costs and ongoing transaction fees that retailers encounter</strong> in setting up and running a BNPL scheme.</p> <p>Additionally, our findings show that those buying less and those buying with credit cards (as opposed to debit cards) are impacted the most by BNPL schemes. These are more likely to be customers at risk of financial difficulty, compared to those spending with debit cards and making bigger purchases.</p> <blockquote> <p>Our research is the first to explore how BNPL schemes affect people’s spending, budgeting, and perceived financial constraints</p> </blockquote> <p>By exploring why this happens – for example, people feeling more in control of their budgets and less financially constrained – <strong>our research can help policymakers target regulation</strong> to ensure BNPL schemes do not have a disproportionately negative impact on those already struggling financially.</p> <p>This is particularly relevant given the twin pressures of a household <a href="https://commonslibrary.parliament.uk/research-briefings/cbp-9428/">cost-of-living crisis</a> and a poor <a href="https://www.imf.org/en/Blogs/Articles/2024/07/16/global-growth-steady-amid-slowing-disinflation-and-rising-policy-uncertainty">medium-term outlook</a> for the global economy, as balancing the needs of individuals with the needs of businesses will require robust data and a clear understanding of consumer behaviour. Our research provides useful evidence to support this, helping businesses and policymakers best provide for the needs of all stakeholders.</p> </div> </div> </div> </div> <div class="field__item"> <div class="paragraph paragraph--text paragraph--view-mode--default paragraph--margin"> <div class="field field--name-field-body field--type-text-long field--label-hidden field__items"> <div class="text-formatted "> <p><em>This article draws on findings from "<a href="https://journals.sagepub.com/doi/abs/10.1177/00222429241282414">Buy Now Pay Later: Impact of Instalment Payments on Customer Purchases</a>" by Stijn Maesen (Imperial College London) and Dionysius Ang (University of Leeds). </em></p> </div> </div> </div> </div> </div> </div> <div class="node__sidebar-top"> <div class="key-info key-info--knowledge"> <div class="key-info__item"> <h4>Written by</h4> <div> <span><a href="/business-school/authors/mstijn">Stijn Maesen</a></span> </div> </div> <div class="key-info__item"> <h4>Published</h4> <div><time datetime="2024-10-14T12:00:00Z" class="datetime">14 October 2024</time> </div> </div> <div class="key-info__item"> <h4>Category</h4> <div> <a href="/business-school/category/knowledge-categories/marketing" hreflang="en">Marketing</a> </div> </div> <div class="key-info__item"> <h4>Key topics</h4> <div><a href="/business-school/category/key-topics/consumers" hreflang="en">Consumers</a>, <a href="/business-school/category/key-topics/marketing" hreflang="en">Marketing</a></div> </div> </div> <div class="field field--name-sidebar-top field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <div class="paragraph paragraph--text paragraph--view-mode--default paragraph--margin"> <div class="field field--name-field-body field--type-text-long field--label-hidden field__items"> <div class="text-formatted "> <p><em>Main image: ojogabonitoo/iStock via Getty Images Plus</em></p> </div> </div> </div> </div> </div> <div class="c-social-share-widget "> <h3>Share</h3> <div class="c-social-share-widget__links"> <a href="http://www.facebook.com/share.php?u=https://www.imperial.ac.uk/business-school/ib-knowledge/marketing/what-the-rise-buy-now-pay-later-means-consumers-and-retailers/&amp;title=What the rise of &amp;quot;buy now, pay later&amp;quot; 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means for consumers and retailers+https://www.imperial.ac.uk/business-school/ib-knowledge/marketing/what-the-rise-buy-now-pay-later-means-consumers-and-retailers/" target="_blank" aria-label="Share on Twitter"> <img src="https://www.imperial.ac.uk/business-school/themes/custom/icbs/images/twitter-black.svg" alt="Twitter"> </a> <a href="mailto:?subject=What the rise of &amp;quot;buy now, pay later&amp;quot; means for consumers and retailers&amp;body=Check out this site https://www.imperial.ac.uk/business-school/ib-knowledge/marketing/what-the-rise-buy-now-pay-later-means-consumers-and-retailers/" target="_blank" aria-label="Share on Email"> <img src="https://www.imperial.ac.uk/business-school/modules/composer/social_media/icons/email.svg" alt="Email"> </a> </div> </div> </div> <div class="node__content-bottom"> <div class="node__author-profile"><span class="profile"> <div class="field field--name-profile field--type-entity-reference field--label-hidden field__item"> <div class="c-profile-author"> <div class="c-profile-author__content"> <div class="c-profile-author__media"> <figure class="c-profile-image"> <picture> <source srcset="/business-school/sites/default/files/styles/focalpoint_300_x_300/public/2024-07/Stijn%20Maesen.webp?h=aa81dfca&itok=1qQKQa0y 1x" type="image/webp" width="300" height="300"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_300_x_300/public/2024-07/Stijn%20Maesen.jpg?h=aa81dfca&itok=1qQKQa0y 1x" type="image/jpeg" width="300" height="300"/> <img loading="lazy" srcset="/business-school/sites/default/files/styles/focalpoint_300_x_300/public/2024-07/Stijn%20Maesen.jpg?h=aa81dfca&itok=1qQKQa0y 1x" width="300" height="300" src="/business-school/sites/default/files/styles/focalpoint_300_x_300/public/2024-07/Stijn%20Maesen.jpg?h=aa81dfca&itok=1qQKQa0y" alt="Stijn Maesen" /> </picture> </figure> </div> <div class="c-profile-author__header"> <h3 class="c-profile-author__name">About Stijn Maesen</h3> <div class="c-profile-author__role"> Assistant Professor of Marketing </div> </div> <div class="c-profile-author__description"> Dr Stijn Maesen is Assistant Professor of Marketing at Imperial College Business School. His current research focuses on issues related to health and sustainability in retailing.<br /> <br /> He has worked with organisations on projects generating both scientific and practical insights. He studies how nutritional labelling programmes affect in-store purchase behaviour and examines how organic retailer store entry and organic product innovations impact the retail landscape.<br /> <br /> Before moving into academia, Dr Maesen worked in marketing research for GfK. </div> <div class="c-profile-author__read-more"> <br /> You can find the author's full profile, including publications, at their <a href="https://profiles.imperial.ac.uk/s.maesen">Imperial Profile</a> <br /> </div> </div> </div> </div> </span> </div> </div> <div class="node__sidebar-bottom"> <div class="field field--name-sidebar-bottom field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <div class="c-paragraph-cta paragraph paragraph--cta paragraph--view-mode--default paragraph--margin"> <div class="c-paragraph-cta__inner"> <h2>Monthly newsletter</h2> <p>Receive the latest insights from Imperial College Business School</p> <div class="c-paragraph-cta__links"> <a href="/business-school/sign-ib-knowledge/" class="button button--primary "> Sign up now </a> </div> </div> </div> </div> <div class="field__item"> <div class="paragraph paragraph--featured-content paragraph--view-mode--default paragraph--margin"> <article class="c-featured-content"> <h2> <a href="/business-school/ib-knowledge/marketing/do-consumers-really-care-about-sustainability/"> Do consumers really care about sustainability? </a> </h2> <a class="c-featured-content__media" href="/business-school/ib-knowledge/marketing/do-consumers-really-care-about-sustainability/" tabindex="-1" title="Thumbnail for Do consumers really care about sustainability?"> <div class="media--image field field--name-media field--type-entity-reference field--label-hidden field__item"> <picture> <source srcset="/business-school/sites/default/files/styles/focalpoint_212_x_260/public/2024-10/Sustainable%20consumer_0.webp?h=aa81dfca&itok=rzVBZtZX 1x" media="all and (min-width: 1060px)" type="image/webp" width="212" height="260"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_660_x_260/public/2024-10/Sustainable%20consumer_0.webp?h=aa81dfca&itok=nIFJgIHn 1x" media="all and (min-width: 840px)" type="image/webp" width="660" height="260"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_660_x_260/public/2024-10/Sustainable%20consumer_0.webp?h=aa81dfca&itok=nIFJgIHn 1x" media="all and (min-width: 576px)" type="image/webp" width="660" height="260"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_380_x_150/public/2024-10/Sustainable%20consumer_0.webp?h=aa81dfca&itok=nAmTwrLr 1x" media="all and (min-width: 0)" type="image/webp" width="380" height="150"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_212_x_260/public/2024-10/Sustainable%20consumer_0.jpg?h=aa81dfca&itok=rzVBZtZX 1x" media="all and (min-width: 1060px)" type="image/jpeg" width="212" height="260"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_660_x_260/public/2024-10/Sustainable%20consumer_0.jpg?h=aa81dfca&itok=nIFJgIHn 1x" media="all and (min-width: 840px)" type="image/jpeg" width="660" height="260"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_660_x_260/public/2024-10/Sustainable%20consumer_0.jpg?h=aa81dfca&itok=nIFJgIHn 1x" media="all and (min-width: 576px)" type="image/jpeg" width="660" height="260"/> <source srcset="/business-school/sites/default/files/styles/focalpoint_380_x_150/public/2024-10/Sustainable%20consumer_0.jpg?h=aa81dfca&itok=nAmTwrLr 1x" media="all and (min-width: 0)" type="image/jpeg" width="380" height="150"/> <img loading="lazy" src="/business-school/sites/default/files/styles/large/public/2024-10/Sustainable%20consumer_0.jpg?itok=pa1gj_4N" width="480" height="384" alt="Illustration of eco-friendly consumer " /> </picture> </div> </a> <div class="text-formatted "> <div class="field field--name-summary field--type-text-long field--label-hidden field__items"> <div class="text-formatted "> <p>Consumers may care about sustainability in theory, but how much does it impact their spending habits? 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