Buy now, pay later: New rules consumers need to know

Buy now, pay later consumer models are taking the US payments sector by storm.

BNPL resonates with US online shoppers, who first make a modest upfront payment and pay off the balance on set due dates – often smaller payments made over four months.

Currently, stand-alone BNPL mobile apps such as Klarna, Afterpay, and Affirm offer easy-to-use Buy Now, Pay Later services.

American consumers prefer these plans because they avoid large debt obligations, allowing more flexibility in the household budget.

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