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Buy now, pay later is an attractive option for consumers, perhaps even more so in recessions. But with debt and inflation soaring, perhaps the focus should be on companies that help protect borrowers from digging themselves into a hole. – I am
The enduring appeal of buy now, pay later
I thought tough economic times would create an immediate headwind to the buy now, pay later trend. I was wrong.
“BNPL is a form of credit that allows a consumer to break down a retail transaction into smaller, interest-free installments and repay over time,” which is “in the midst of rapid growth,” he said in September. Consumer Financial Protection Bureau report advertiser.
Recently, the Financial Times mentioned that “demand for BNPL has boomed during the pandemic and has continued to grow, according to data from UK fintech fintech Snoop.”
And this isn’t just a Generation Z trend, the Financial Times added: Demand has soared among all age groups in the UK, including the elderly, who find themselves squeezed by a cost-of-living crisis and need short-term credit.