Buy now, pay later schemes gaining momentum with young buyers
Credit payment option growing between 10%-15% per a month in SA, research shows
Why lay-by if you can buy now, take your items and pay later? This is a new payment model that is sweeping retail stores and is gaining momentum among people who do not want to pay interest on credit purchases and can afford to spread their payments over a short period.
Companies such as Takealot, PayJustNow, PayFlex and Blue Label Telecoms are some of those providing the Buy Now Pay Later (BNPL) credit payment option. They have partnered retailers to offer the interest-free model that allows customers to purchase items such as clothes, shoes, homeware and electronics and pay over six weeks to three months. According to experts, this is making BNPL an attractive alternative to credit cards. ..
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