The concept of buy now pay later (BNPL) has grown in the past 18 months as ecommerce has grown in general, with more people around the world practically forced into shopping online.
By July 2020, over one-third of Americans had used a BNPL service – boosted by the lockdown measures imposed during the COVID-19 pandemic.
Buying on credit is hardly a new concept in retail or ecommerce. Nor is the “layaway” concept.
But until apps like Afterpay, Klarna and Affirm came along, using credit had plenty of drawbacks for the merchant and the shopper.