What does BNPL mean?

BNPL stands for "Buy Now, Pay Later." It's a payment model that allows people make purchases and defer the payment over time. Instead of paying the full amount upfront, users can spread the cost of their purchases into multiple payments. This approach provides greater flexibility and affordability to people, and has become a popular alternative to traditional payment methods. People typically make equal payments over a specified period, often with no interest or fees, depending on the terms of the BNPL service.