buy now pay later

Syllable breakdown

Dictionary meaning

a short-term consumer credit product that allows shoppers to purchase goods immediately and pay for them in fixed instalments, typically over four to twelve weeks, often interest-free if payments are made on time; popularised by companies such as Klarna, Afterpay, and Affirm, BNPL has grown rapidly as an alternative to credit cards, particularly among younger consumers; critics raise concerns about BNPL's potential to encourage overspending and accumulation of unsustainable debt loads, while regulators in the UK, EU, and Australia have moved to bring BNPL within consumer credit regulatory frameworks, requiring affordability assessments and clearer disclosure of terms