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

Troy Nyi Nyi
Troy Nyi Nyi5/9/2022 11:55 AM GMT+08  • 5 min read
A more proactive stance to protecting consumers needed as 'Buy Now, Pay Later' gains adoption
BNPL can bring significant benefits to consumers in Southeast Asia if sufficient guardrails are implemented. Photo: CardMapr/ Unsplash
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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.

Industry estimates BNPL transaction value in Singapore in 2021 at around $440 million.

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