How does BNPL work?

 Follow the diagram and see how BNPL (Buy Now Pay Later) works.

How to design Buy Now Pay Later

What to get right when designing BNPL. Five design principles to keep in mind, surfacing relevant examples from Pulse while providing their very own design solution.

Is ‘Buy Now, Pay Later’ the Future of Consumer Lending?

Major specialists like Klarna, Afterpay and Affirm, as well as payments giant PayPal, are raking in big bucks financing consumer purchases. They are playing a different game than many banks and credit unions. But amid this tectonic shift there may be opportunity for traditional institutions — in part by picking up the pieces.

That buy now, pay later purchasing is booming is indisputable. It’s a story that’s been building up over the course of the last several years. Predictions that it would surge to new heights during the 2021 holiday shopping season were supported when PayPal CEO Dan Schulman, appearing on CNBC, crowed that on Black Friday, “our volume on buy now, pay later was up almost 400% year over year.”

Schulman added that his company’s “Pay in Four” installment plans proved to be “one of the stars, actually, of the holiday season for us.”

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Kenya Looks to FinTech, Credit Union Convergence to Advance Growth

Credit unions have served as a financial backbone to millions of households in Africa for decades, with some 39,000 organizations across the continent providing small installment loans and credit lines. Now, the industry is embracing technology to accelerate growth and bring about expanded financial inclusion.

The savings and credit cooperative organization (SACCO) sector in Africa is aggressively stepping up its digitalization efforts to not only drive financial inclusion to the last mile, but ensure that underserved consumers have access to financial services that had been previously unavailable to them or hard to obtain.

The Kenyan FinTech Kwara, founded in 2018 by Cynthia Wandia and David Hwan, was developed to help the unbanked and underbanked build wealth in a frictionless way. Kwara also strives to assist credit unions in East Africa transition to digital platforms.

Read the full story on PAYMENTS. com - click HERE.

Is Buy Now, Pay Later A Good Idea For Consumers?

Consumers have flocked to “buy now, pay later” businesses in recent years as a way to make big purchases more manageable. In fact, these new services have become big competition for traditional store credit cards. Their rapid growth is raising questions about the benefits and risks for consumers, as well as the lack of regulation.