Buy Now Pay Later
Buy Now Pay Later is a type of short-term financing allowing consumers to make purchases at one point in time, and pay for them at a future date.
This payment method is a lending process that involves consumers, financiers, and merchants. When consumers shop with a merchant, financiers instantly pay merchants on behalf of the consumer. The consumers then repay the financiers over time in equal installments. The number of installments and repayment period varies depending on the BNPL financiers.