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Buy now, pay later is an attractive option for consumers, perhaps even more so in a recession. But with debt and inflation on the rise, perhaps the focus should be on companies that help prevent borrowers from falling into the hole. – Anna
The enduring appeal of shopping, pay later.
I thought the tough economic times would create a headwind for the buy now. I was wrong.
“BNPL is a type of loan that allows a consumer to break a retail transaction into small, interest-free payments and pay it off over time,” and is “in the midst of rapid growth,” according to a September Consumer Financial Protection Bureau report.
Recently, the Financial Times reported that “data from UK open bank fintech Snoop shows that interest in BNPL has increased and continues to grow during the pandemic.
This isn’t just a Gen Z trend, the FT added: “Demand has increased from people of all ages across the UK, including seniors who are pressured by the cost of living and need short-term loans.”
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