The "Buy Now Pay Later" system, as its name describes it, allows a buyer to get his goods and pay for them later.
BNPL services work mostly online, and allow you to pay later, in full or in interest-free installments for short-term payment plans. The big difference with traditional payment plans used in retail is that the order is shipped as usual after it is placed, and not after the payment is made in full.
Another advantage is that merchants receive the full payment up front, minus a fee charged by the BNPL provider for enabling the payment method. Because it is so easy to use and it does not require a financial analysis by third parties, it has become a very popular choice among young people. But it not only benefits them: thanks to FinTech, its use is also beneficial for companies that offer it for their e-commerce in sectors such as fashion, beauty, sports or electronics.