When the buy now, pay later (BNPL) provider tried to withdraw a payment from Garrett's bank account a few months later, she didn't have enough funds to cover it. So-called buy now, pay later services - offered by providers such as Affirm Holdings Inc, Klarna, Afterpay Ltd and PayPal Holding Inc's "Pay In 4" - have blossomed across retail websites during the coronavirus pandemic as people have turned more to shopping online. Late fees may apply for missed payments, depending on the user's state of residency, according to its website. Tamika Rivera, a 35-year old insurance agent from Springfield, Massachusetts, uses multiple buy now, pay later services, and has missed payments. Alan McIntyre, head of Accenture's global banking practice, says the credit impact of the buy now, pay later trend remains to be seen.

Source: bd News24 February 08, 2021 00:56 UTC