What is Buy Now Pay Later (BNPL)? How Does It Work?
Buy now pay later (BNPL) is a payment model that allows consumers to purchase goods and pay for them in the future, instead of paying upfront. This model is often offered by e-commerce sites and financial apps as a shopping solution. Instead of paying the full amount in the first transaction, consumers can pay in installments over a defined period. This helps alleviate financial pressure at the time of purchase.
Buy Now Pay Later (BNPL) and Young People: Decoding Its Appeal
The BNPL model is particularly popular among young people, especially Gen Z and Millennials, due to its convenience and the ability to spend without needing cash upfront. With the rapid development of technology and the digital economy, BNPL has quickly gained acceptance and widespread use. For young people, the ability to own their favorite products immediately without worrying about current costs is the biggest attraction of BNPL.
