During the pandemic, “buy now, pay later” apps (BNPL) skyrocketed in popularity. In fact, as many as 60% have used such a service, with some consumers using ‘buy now, pay later' options more than once a week.
So what is this new trend?
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.
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 high a financial burden to pay outright. However, with BNPL options, split payments are becoming increasingly mainstream.
Continue reading “Sezzle vs Affirm (2023): Which BNPL App is Best?”