Business and finance
It started over a century ago with instalment loans for big ticket items. But today, buy now, pay later can be used for almost anything, from Coachella tickets to your lunchtime burrito. This new form of consumer finance has attracted criticism for enticing younger borrowers with limited credit histories into debt. But despite critics’ reservations, the market is booming. BNPL accounted for $342bn in spending around the world last year, up from $2bn a decade earlier—and major investment funds are getting in on the action. Is BNPL the future of consumer finance?
The Economist