BNPL is a very trendy wave of products consisting of offering credit in a different way to traditional loans and credit cards. The term “buy now, pay later” (or “BNPL”) refers to point-of-sale installment loans that let consumers make purchases right away and pay for them later. Consumers usually put a down payment on an item, then pay the balance off over a specified number of installments. In comparison to conventional credit cards or lines of credit, BNPL programs frequently don’t charge interest and are simpler to obtain authorization for. Thus, customers on the fence about a purchase can find the motivation necessary to click “Buy” with the lure of low payments.
Source Deepak Agarwal
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