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What is Buy Now, Pay Later?

buy now pay lat-er
noun

"Buy Now, Pay Later", or BNPL, represents an alternative payment option in the form of a financial arrangement that allow consumers to acquire goods and services upfront and settle the payment gradually, typically without incurring any interest charges.

This convenient financing option enables shoppers to make immediate purchases without the immediate burden of full payment, effectively spreading the cost over an agreed-upon period. The absence of interest fees distinguishes BNPL from traditional loans or credit transactions, making it an attractive choice for individuals seeking flexibility in their payment schedules while avoiding the added cost of borrowing.