The rise of Buy Now Pay Later and its impact on credit cards

Buy Now Pay Later, or BNPL, has gained popularity as an alternative to credit cards. Affirm, a leading player in the BNPL space, aims to provide a better, more transparent option for consumers. With BNPL, customers pay for purchases in installments, without the high interest associated with credit cards. The use of BNPL has surged in recent years, attracting competition from PayPal and Apple. However, regulatory oversight has increased, with the Consumer Financial Protection Bureau (CFPB) expressing concerns about the model and its potential risks.