Buy Now, Pay Later (BNPL) is a type of finance that allows you to purchase for an item or service upfront and then spread repayment over several installments. Essentially, you are able to buy the product now and pay for it later – and it is predominantly an online industry. There are a number of companies that facilitate this form of finance including well-known Swedish brand Klarna, PollenPay, Laybuy and more.
Buy now pay later is often used for buying:
- Electronic goods
- Hotels and holidays