<![CDATA[Purpose – To examine the psychological mechanisms by which BNPL digital stimuli influence the debt management behavior of young Indonesians, utilizing the Stimulus-Organism-Response (S-O-R) framework, Theory of Planned Behavior (TPB), Self-Determination Theory (SDT), and behavioral finance perspectives.Method – A quantitative cross-sectional survey of 802 active BNPL users (aged 18-44) was analyzed using covariance-based structural equation modeling (CB-SEM) with AMOS. Mediation was assessed via bias-corrected bootstrap confidence intervals (5,000 resamples), and moderation via interaction terms with mean-centered product indicators.Findings – A maladaptive pathway dominates, wherein impulsive buying exerts the strongest negative impact on debt management (β = -0.710)-nearly double the magnitude of the adaptive pathway mediated by financial motivation (β = 0.375). All stimuli triggered both types of responses, while self-control attenuated the relationship between stimuli and impulsive buying. A comprehensive comparison with prior BNPL studies (see Table 1) substantiates the claim that this is the first study to validate a dual-pathway architecture with simultaneous estimation of opposing mediators in the BNPL context.Research implications – The cross-sectional design limits causal inference; therefore, longitudinal studies and replications using more diverse instruments and objective repayment data are warranted.Originality – This study contributes a dual-pathway architecture within the BNPL context demonstrating that identical stimuli trigger opposing psychological responses, with the maladaptive pathway (impulsive buying) structurally dominating the adaptive pathway (financial motivation)-and provides practical insights for digital credit consumer protection regulations (OJK No. 32/2025).]]>
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