A new form of digital layaway has taken Europe by storm and found some acceptance in the U.S., and the growing handful of rivals in the space are looking to spur more online purchases that Americans pay for over time.
“Buy now, pay later” options — referred to in the payments industry as BNPL — offer a twist on the concept of layaway, allowing consumers to split purchases into installments and charging them either simple interest or no interest at all, in a break from the traditional credit model that lets interest compound. Unlike with traditional layaway, consumers receive instant access to their purchase as they pay it off.
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