During the pandemic, โbuy now, pay laterโ apps (BNPL) skyrocketed in popularity. In fact,ย as many as 60%ย have used such a service, with some consumers using โbuy now, pay later' options more than once a week.ย
So whatย isย this new trend?ย
As its name implies, BNPL apps enable consumers to purchase a product and then pay for it in installments (usually across a few weeks or months). In other words, consumers take on short-term debt to satisfy their immediate buying wishes/needs.ย
This payment model has been popular with furniture stores and the automotive industry for some time. This is an excellent example of where purchases needed in the day-to-day world are too highย a financial burden to pay outright. However, with BNPL options, split payments are becoming increasingly mainstream.ย
Continue reading โSezzle vs Affirm (2023): Which BNPL App is Best?โ