What is Buy-Now, Pay-Later?
Buy Now Pay Later (BNPL) is a relatively new and fast-growing credit alternative where you can get access to goods or services now but pay for them later in a series of instalments, with no interest.
Afterpay, Humm, Zip, Laybuy, Genoapay (Latitude), Openpay, and Klarna are examples of BNPL in New Zealand.
With the rise of Buy Now Pay Later schemes in Aotearoa we thought it would be a good idea to kōrero about things to look out for and how to avoid getting into trouble. BNPL businesses are targeting wāhine as an easy way to purchase items you want without the ‘credit card debt’. Wāhine mā – anything where you don’t have the cash to buy the item is a debt, whether or not it is credit card debt or BNPL.