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Buy Now, Pay Later: The Dangers of Accessible Debt for Banks and its Customers

How is the financial services sector handling it and how are consumers responding to it?

Buy Now, Pay Later (BNPL) has quickly established itself as the go-to method of financing for a variety of purchases, particularly online.

George Baily
George Baily

George Baily, former Product Marketing Manager at FintechOs, and currently Product Marketing Lead at, states that BNPL is a business model that has been mainly outlined by Fintech challenges and which is going to remain limited to challenges. Just as one cannot search without Google, one cannot discuss e-commerce without mentioning Amazon. Likewise, when talking about the BNPL, the leading provider is Klarna, which has the primary objective of making it easier for people to shop online. Klarna, also associates itself as the leading fashion brand among the younger generation, allowing them to spend money they do not have and enjoy products that would not have been accessible otherwise.

The company firm has the intention of allowing people to proceed with payments for all kinds of products. Clearpay is another brand that allows people to have more control over their budgets and purchasing decisions. A different example is Laybuy, which gives customers the convenience of receiving goods or services immediately.