Buy Now Pay Later Platforms Are Widely Used All Over The World As They Offer Flexible Repayment Plans And Interest-Free Periods

Buy Now Pay Later Platforms
Buy Now Pay Later Platforms 

Credit cards are an easy way to make purchases and pay off debt, however, they also come with high fees and interest rates. To counter these issues, a new industry has emerged to provide alternative financing options that are more affordable for consumers. These companies offer buy now, pay later (BNPL) platforms that allow shoppers to break up purchases into smaller installments and pay them off over time.

Buy Now Pay Later Platforms are a great way for merchants to empower their customers with financial freedom and increase the average order value and repeat purchases. They connect to credit card processing networks and enable a streamlined checkout process that helps shoppers make their purchases without worrying about making large payments upfront.

During the projection period, there is likely to be significant expansion in the Buy Now Pay Later Platforms Market (2020–2027).

BNPL don’t have a huge impact on one’s credit score, however, it can be a risky purchase if they don’t plan properly. According to CreditKarma, more than half of millennials and Gen Z consumers who have used a BNPL service say they have missed at least one payment. This can negatively impact a credit rating.

The Customer Data Platforms Market was estimated at USD 1.2 billion globally in 2021, and from 2022 to 2030, it is projected to increase at a compound annual growth rate (CAGR) of 27.9%.

Some Buy Now Pay Later Platforms providers charge late fees for missed payments, which can add up to significant amounts of money. Along with offering a variety of loan amounts, most BNPL providers also offer flexible repayment plans and interest-free periods. For example, Affirm offers a pay in 4 option that splits the purchase into four interest-free payments every two weeks. Affirm’s 0% interest rate on a monthly loan is another selling point.

While it’s not available to all shoppers, it’s a great choice for those who want to avoid interest charges on purchases. It’s also a great option for students and people with limited credit histories who can’t get approved for traditional credit. In January 2022, Temenos, a banking software company introduced first AI-driven Buy Now Pay Later banking services on its banking cloud.

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