At the height of the COVID-19 pandemic, consumers saw a new payment method hit the online shopping scene: buy now, pay later. The buzz around the small retail loans has since seemingly died down — but industry experts say this payment method is here to stay, as it continues to go up against established ways of making a purchase like credit cards.
Buy now, pay later (BNPL) programs like Klarna, Sezzle, Afterpay, and Affirm allow shoppers to purchase an item – whether it be clothing, home decor, or even food – without paying the full price at once. Instead, consumers can break it up into four interest-free payments on a weekly or bi-weekly basis.
