Buy Now Pay Later (BNPL) is a type of short-term financing that allows consumers to complete purchases and pay them at a later date, interest-free. With this payment method, customers will have more flexibility buying products they need at the moment then repay the loan in installments over a short-term fixed-payment schedule interest-free. Customers can use this service for free, as they are not required to pay for a membership to benefit from this payment method.
There are many benefits of using BNPL. It increases affordability for the customer hoping to buy something they need this moment but is short on cash or he wants to manage his finances and pay for the product in stages. Having a free-interest rate means the customer will not be subjected to any additional payments for using this service. The process is simple and transparent making it easy to understand and use.