Abstract Picture being able to get whatever you desire right away, while the worry of payment can bedealt with later. Sounds quite similar to an EMI plan right, but it’s not. By the end of this piece,you will understand how the buy now pay later system really works and why you need to knowabout it. What is BNPL?Buy now, pay later (BNPL) is a form of short-term financing that allows consumers to makepurchases and pay for them gradually, without incurring interest. When you look at traditionalcredit cards and personal loans, you’ll find that getting approved for BNPL loans iscomparatively easier for consumers.For instance, A mental health platform offers 12 therapy sessions for $1,200. Clients can pay$100 per session over 12 months instead of paying the full amount upfront, encouraging morepeople to seek therapy.Industry names, used and beloved by most of us that employ similar financing methods:● Apps like After pay, Klarna, and Affirm: These BNPL services are integrated intobrands like H&M, Zara, or Sephora, enabling customers to split payments for clothes,accessories, or cosmetics.● Furniture Outlets: IKEA or Pepper fry provides BNPL for furniture purchases, allowingcustomers to furnish their homes without upfront payment.● Streaming Platforms: Services like Netflix or Spotify may collaborate with BNPLproviders to allow annual subscription payments in monthly installments. Advantages of BNPL Sushmitaa Patil
