Guides

An Extensive Guide to OKR Software in 2023

Buy now, pay later (BNPL) has grown in popularity and appeal among customers. Offering BNPL as a payment method can help small and midsize businesses (SMBs) attract new clients, increase sales, improve customer experience, and more. But, as BNPL’s popularity has grown, so has regulatory scrutiny.

The Consumer Financial Protection Bureau (CFPB) issued a study [1] in September
that identified a variety of hazards for customers who use the buy now, pay later. BNPL plans, in contrast to more traditional types of lending, do not include as many financial safeguards. As a result, the CFPB plans to implement regulations in the near future.

This significant shift in the BNPL landscape emphasizes the need to understand the consumer profile. We’ll review five patterns that identify the types of consumers interested in BNPL, such as how the recession may affect their spending, what plans they want and other topics. With this information, you may deliberately provide this option to people while keeping their best financial interests in mind.

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