economy
At online checkouts, shoppers increasingly see an option to split a purchase into a few installments instead of paying all at once, offered by firms like Klarna and Afterpay.
BNPL stands for Buy Now, Pay Later, describing checkout options offered by companies like Klarna and Afterpay that split a purchase into a handful of installments, often interest-free, letting shoppers spread out payments without using a traditional credit card.
Bank Now, Pay Less and Borrow Now, Profit Later are both invented phrases that sound plausible but don't correspond to any real financial term or how these services actually work.
BNPL has grown especially fast among younger shoppers who may lack traditional credit history, but regulators in several countries have grown concerned it can encourage overspending, since juggling several small installment plans across different retailers can make it easy to lose track of mounting debt.
economy
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