Understanding Buy Now, Pay Later

Buy Now, Pay Later (BNPL) is the latest, immensely popular trend within the electronic payments industry, totaling $100 billion worth of domestic purchases in 2021 alone. But despite its growing popularity, BNPL remains a confusing topic for many Americans. What precisely is Buy Now, Pay Later? How does it work? And what are its benefits and drawbacks? The Electronic Payments Coalition has the answers.