BNPL, which allows consumers to pay for products in installments, is a "rapid-growth payment method" that's caught the attention of regulators, credit card issuers, and consumers, according to J.D. Power director of banking and payments intelligence John Cabell.
It's also caught the attention of some younger consumers, according to Cabell.
“Younger consumers are typically more budget-oriented, and typically have more constraints… so that’s what makes them most likely to use BNPL,” he said.
Critics say that BNPL isn't transparent about its risks, so we started asking: What do the alternative approaches to flexible fintech look like, especially for younger consumers looking to build out their financial wellbeing?