ABSTRACT

Rapidly Growing 'Buy Now, Pay Later' (BNPL) Financing: Market Developments and Policy Issues [Updated November 1, 2021]   [open pdf - 718KB]

From the Document: "'Buy now, pay later' (BNPL) is a form of point-of-sales financing. With BNPL financing, a consumer can purchase an item now and pay for it later on an agreed upon payment schedule. BNPL financing is often offered online and has generally been developed by technology-focused, nonbank financial companies, often characterized as 'fintech' companies [hyperlink]. BNPL financing has been growing rapidly in recent years. Reports [hyperlink] suggest that BNPL financing may have tripled in 2020 compared to the prior year. A consulting firm estimates [hyperlink] that BNPL balances grew by 24% from 2016 to 2019 and are expected to grow around 20% annually for the next three years. This Insight discusses the BNPL financing market and potential policy issues in this market. The House Financial Services committee is holding a hearing [hyperlink] on this and other related topics on November 2, 2021."

Report Number:
CRS Insight, IN11784
Author:
Publisher:
Date:
2021-11-01
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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