The Business Model Behind Buy Now, Pay Later Apps

Buy now, pay later companies like Affirm, Klarna and Afterpay boomed during the pandemic as consumers looked for an accessible alternative to credit cards. But even as their customer bases grow, these companies are struggling to turn a profit. 

PayPal, Apple and even credit card companies themselves are trying to get in on the action. 

WSJ explains how these services work, how they differ from traditional credit card payments and why some consumers have concerns.