BNPL is a feature, not a product. The incompetency and slowness of banks and credit card companies created a market for these independent products. Now with a rising rate environment and lots of competition, pure BNPL companies will not survive.
BNPL works really well if you have cheap source of funding and great risk prevention. The cheap money, 6-8% margin and fast recycling of debt masked a lot of poorly run business. Now when margin is compressed and margin is expensive, only entities with large amount of money, and diversified lines of business can really afford to offer the service.
BNPL is a feature, not a product. The incompetency and slowness...
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