A tech trend helps to more effectively separate fools from their money is emerging via mobile phone app.
A good understanding of the practice is worthwhile given that it's gaining momentum . . . Here's a look for the uninitiated . . .
Although credit cards are a viable form of installment payment for many, products like layaway and BNPL offer a means for a broader range of consumers—especially those with bad or no credit—to access goods and services. Generally, interest-free BNPL loans and layaway are comparable in their terms and costs, but BNPL enables consumers to take immediate possession of a product at the point-of-purchase while layaway requires consumers to wait until the product has been paid for in full. When using layaway requires a service fee, BNPL can be the least expensive method of payment. Interest-bearing BNPL loans may be less expensive than credit cards, as the average interest charge of BNPL is typically lower.
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Download Article In the last decade, buy now, pay later (BNPL) has become an increasingly popular payment option in the United States. This Payments System Research Briefing explores how BNPL compares with other "purchase/pay-over-time" options, and the benefits and risks BNPL presents to the consumers and merchants who adopt them.