Buy Now Pay Later
Have you recently bought something online and been given the option to pay in instalments over a period of time, rather than the entire amount at once? I am guessing that you have seen this option plenty times! While the concept of microlending is not new (it has been around for over a decade), this trend, referred to as “Buy Now, Pay Later” or “BNPL” is one that has seen dramatic growth over the past couple of years, i.e., post pandemic.
