BNPL - Buy Now Pay Later

Decades later, credit cards became the preferred instrument for making purchases without parting with all of your money up front, although some charge large interest fees.

But times are changing yet again, with buy now, pay later (BNPL) services exploding in popularity.

BNPL combines the ideas of layaway and credit cards into a potentially more appealing alternative. Unlike with layaway, a customer who uses a buy now, pay later plan doesn’t have to pay for the item in full to take it home; they only need to make the initial deposit.

Generally, if paid off within a short time frame, BNPL plans don’t charge any fees or additional interest payments like credit cards do. Instead of having to pay off the item in a month, customers can pay in instalments spread out across a few months.


More of a trend for the GENZ generation, make sure that you have this feature soon.


 

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