In today- fast-paced consumer culture, it’s becoming increasingly common to see the “Buy Now Pay Later” (BNPL) option at checkout. This payment method allow- shopper to make purchases without immediate payment and instead opt for installment plan, spread over a period of time. While BNPL may seem like a convenient way to manage expenses- there is concern about its potential to lead individual into debt trap. In this blog post, we will explore- pros and cons of BNPL and shed light on whether, it is a helpful facility or a potential debt burden.
Rise of Buy Now Pay Later
BNPL service have gained immense popularity in recent years- particularly among millennial and Generation. With the rise of e-commerce and online shopping- retailers have recognized the need to provide flexible payment option to attract more customers. BNPL platform like Klarna, Afterpay and Paytm Postpaid have capitalized on this demand- offering consumer, an alternative to traditional payment methods.
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Appeal of Deferred Payments
One of the primary reason- why BNPL has gained traction is the appeal of deferred payment. Many people find it difficult to pay for large purchase upfront- especially when unexpected expenses arise. BNPL allow shopper to spread the cost of their purchase over several installment- making it easier to manage their finance. This can be particularly helpful for individual with limited saving or irregular income stream.
