Buy Now, Pay Later (BNPL) solutions have exploded in popularity, with a staggering growth rate of 1000% since 2019. So far, this payment method has made it easy for millions to purchase nice-to-have items such as the latest iPhone, trendy sofas, designer handbags and stylish clothes without paying in full upfront.
However, the winds of change are blowing: as inflation and interest rates continue to climb, BNPL is shedding its reputation for luxury spending and becoming a financing solution for necessary expenses, such as car repair, healthcare, fridge and other essential appliance repair.
