Are You Interested In Buy Now Pay Later (BNPL)? It's Not A Credit Card
By M Cheung
@Beestring (13273)
Hong Kong
August 7, 2022 7:39am CST
Buy Now Pay Later (BNPL) is a short term financing which allows consumers to make purchases and pay for them by installments. It's interest free if you make the installment payment on time. BNPL has been described as similar to a credit card but without the hassles of an application process. You just need to download the App and choose this payment option when doing online shopping or scan the QR code at the physical store. This service is free to consumers. The financiers offering this service make money by charging participating stores which would like to boost sales. BNPL has become an increasingly popular payment option in particular among younger generations in Hong Kong. A leading bank here even offers cash rewards for consumers taking this payment option. If a person has self restraint on his/her spending, this could be an attractive offer. Is BNPL popular in your place? Are you interested?
5 people like this
5 responses
@DaddyEvil (137145)
• United States
7 Aug 22
I've never heard of them before but I also don't buy on credit if I can help it. I normally save my money until I can just pay cash for whatever I need.. If I can't afford to wait for something, then I don't need it.
2 people like this
@Beestring (13273)
• Hong Kong
7 Aug 22
I normally use credit card for purchases for the cashback. And I pay the balance due on time. So I never pay for any interest.
1 person likes this
@DaddyEvil (137145)
• United States
7 Aug 22
@Beestring I don't have any credit cards. The only cards I have are my PayPal debit card (with a linked credit amount I can use by going to PayPal and telling them I want to use some of it.) and a Walmart debit card.
1 person likes this
@JudyEv (325337)
• Rockingham, Australia
8 Aug 22
This 'instant gratification' really appeals to young people nowadays. My parents and most of my generation rarely bought something we couldn't afford to pay for at the time. That's as regards smaller items. It's a fast track to ruin unless you are very disciplined.
2 people like this
@Beestring (13273)
• Hong Kong
8 Aug 22
Indeed, one has to be very disciplined to use such kind of service.
1 person likes this
@RebeccasFarm (86515)
• United States
7 Aug 22
No I never use those services, though now many of the retailers online offer it.
1 person likes this
@RebeccasFarm (86515)
• United States
7 Aug 22
@Beestring I hope it serves the people well
1 person likes this
@Beestring (13273)
• Hong Kong
7 Aug 22
It's getting quite popular in Hong Kong.
1 person likes this
@Beestring (13273)
• Hong Kong
8 Aug 22
@RebeccasFarm I've never used it. I think it provides quite a good alternative to those without a credit card.
@MarshaMusselman (38616)
• Midland, Michigan
8 Aug 22
I've never heard of this before. It could be available and I just don't know about it but I probably wouldn't use it anyway.
1 person likes this
@Greencindere (669)
•
7 Aug 22
Extremely popular and always has been in Serbia. Majority of people stock up on everything using this method. Clothes, shoes, electronics even food in bigger supermarkets.
1 person likes this
@Beestring (13273)
• Hong Kong
7 Aug 22
Yeah, sounds like a good deal for consumers.
1 person likes this
