Buy now, pay later – the financial product of choice for the young?

The likes of Klarna, Affirm and Afterpay are growing rapidly – evidence of the popularity of the ‘buy now, pay later’ (BNPL) model with consumers.

During a recession, it is understandable that the ‘buy now, pay later’ (BNPL) industry is booming around the world. In the US alone, it is expected to fuel more than $20 billion worth of purchases in 2020. It is a way for retailers to encourage purchases that consumers might otherwise defer – or abandon if online – and for consumers to spread the payment load more simply and less painfully than when using a credit card.  

The result has been the development of some major new fintech businesses: Australia’s Afterpay commands a $20 billion valuation; Europe’s Klarna was valued at...

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