Sustainable and toxin-free living

Sustainable and toxin-free living

Buy Now Pay Later: Debt Trap or Tool for Sustainable Shopping?

'Buy Now Pay Later' or BNPL has come into vogue in recent years as consumers flock to the opportunity to pay for goods in installments rather than upfront. A March 2021 survey of 2,000 American adults showed that 56% of people had used a BNPL service, up from 38% a year earlier. 

The idea of ‘Buy Now Pay Later’ was famously pitched by Klarna during a Shark Tank-style business pitch competition held at the Stockholm School of Economics in 2005, and launched in 2006, initially as Kreditor. On the other side of the globe, Afterpay, an Australian startup, launched its service in 2014. It quickly dominated the Australian market before being purchased by the US company Square for $29 billion USD. Now, with Apple Pay Later, consumers can pay off any purchase made on Apple Pay in installments. 

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