November 16, 2022 (Investorideas.com Newswire) Buy now, pay later (BNPL) is an alternative to credit card payments that has recently become popular. This type of payment allows shoppers to make purchases and then pay for them over time, usually in interest-free installments. However, according to an analysis by MoneyTransfers.com, the global interest in this payment method has fallen by 46% in five months.
MoneyTransfers CEO, Jonathan Merry commented on the data saying,The data suggests that the allure of buy now, pay later may be wearing off as consumers become more aware of the potential risks associated with this type of debt. With no interest to pay, it can be easy to fall into the trap of overspending and then struggling to make the repayments. This is especially true given the current economic climate where many people are already facing financial difficulties.”
Some of the providers of BNPL services include Affirm, Afterpay, Zip (formerly known as Quadpay), PayPal’s ‘Pay in 4’, and Sezzle. More and more customers are turning to these types of services to pay for all sorts of things, from clothes and vacations to workout gear. The full story and statistics can be found here. Interest in “Buy Now Pay Later” Transactions Worldwide Falls by 46% In the Last 5 Months
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