Buy Now Pay Later
BNPL, or Buy Now Pay Later, is a payment option that allows consumers to make purchases upfront and defer payment to a later date or in installments. It enables customers to split their payments into manageable amounts over time, often interest-free or with low fees. BNPL services have gained popularity in e-commerce, retail, and online platforms, providing convenience and flexibility to consumers while driving sales for merchants. An example is a customer buying a product for $400 and paying $100 (25% of the total) upfront, followed by three equal payments of $100 over the next six weeks.