A short-term financing option, known as BNPL, that lets shoppers split a purchase into installments, often interest-free if paid on time.
With buy now, pay later, a customer receives goods immediately and pays over time, commonly in four installments every two weeks or in monthly payments. The BNPL provider pays the merchant upfront, minus a fee, and takes on the job of collecting from the customer. Providers include Klarna, Affirm, and Afterpay, and many banks and card issuers offer similar plans.
For example, a shopper buying a 400 dollar bicycle online might pay 100 dollars at checkout and three more payments over six weeks. Merchants offer BNPL because it can increase sales and order values. For consumers, risks include late fees, overspending across several plans, and in some markets limited credit protections. Regulators in several countries have introduced or proposed rules to bring BNPL closer to other forms of credit.
Financial services such as payments, accounts, cards, lending, or insurance built directly into non-financial apps and platforms.
FinTechFinancial technology: software and services that improve or automate financial services such as payments, lending, and investing.
Payment GatewayA service that securely captures and transmits payment details from a customer to the banks and networks that approve the transaction.
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