The rise of BNPL services in the US comes as inflation sends the costs of essentials soaring
Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Hard-up Americans are now taking out loans to pay for GROCERIES using ‘buy now, pay later’ apps which offer instant credit but can charge hefty fees for late payments
- Use of ‘buy now, pay later’ services for basic goods is rising quickly in the US
- In 2021, $45.9 billion in pay-later transactions were made online, a sharp increase from $15.3 billion the year before
- Apps like Klarna and Afterpay offer installment payments with no interest
- But they can charge hefty late fees and critics say they lure consumers into debt
- More people are using BNPL services to buy groceries and dine at restaurants
- Americans can even pay for a Chipotle burrito with an installment plan now
- Pay-later firms say they offer a better alternative to high-interest credit cards
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