A more proactive stance to protecting consumers needed as 'Buy Now, Pay Later' gains adoption

Buy Now, Pay Later (BNPL), a trend that allows consumers to pay for their purchases in instalments, is fast gaining adoption in Singapore and retailers are riding on its growing popularity to provide consumers choice and flexibility.

Less stringent than credit cards, BNPL service does not qualify users based on income nor does it require minimum spending or processing fees. Late payment charges imposed are likewise lower.