BNPL Platforms: The Future of Credit
The fintech sphere is growing and offering various products and services, which include digital currencies as well as alternative payment options such as Buy Now, Pay Later (BNPL). Buy Now, Pay Later (BNPL) is a payment method that is gaining popularity in today’s time due to its convenient payment option, essentially reducing a borrower’s financial burden by offering an innovative payment method, “Buy Now, Pay Later”. Now, let’s dive deep into why BNPL is becoming popular and what the future of credit looks like going forward. What is Buy Now, Pay Later (BNPL) & How it Works? Buy Now, Pay Later (BNPL) is a short-term financing typically offered to customers at the point of sale. It functions as a credit facility, allowing consumers to purchase products and services immediately and repay the amount in the form of instalments over a period of time. These BNPL platforms were mostly used for minor purchases, but are now widely adopted for higher-value purchases like smartphones or lux...