Buy Now, Pay Later (BNPL) The future of e-commerce

Buy Now, Pay Later (BNPL) is the latest payment method that allows you to spread your payments over a period of time so that you can make the purchases you want without racking up the credit card debt. It has proven to be beneficial for consumers without credit or even just poor credit. Generally speaking, the Buy Now, Pay Later method will benefit both shoppers and businesses, but what does this mean for our spending power? By blurring the lines between making a purchase and actually paying for that purchase, will we end up overspending? In this article, we are going to look through the Buy Now, Pay Later method, find out who the big players are, and the potential downsides to consider.

World renowned research company ‘eMarketer’ stated that 45 million people in the US have used Buy Now, Pay Later in 2021, up 80% from last year. With the popularisation of this payment method, a shift in consumer psychology means that our spending power has already shown a dramatic increase, and with no signs of slowing down, what does this mean for the stability of your financial future?