The Next Chapter, page-3268

With Laybuy people would secure an item (the shop took it off shelf and put in cudboard out the back with your name on it). you would then come in each pay, and pay a bit off. once you had paid the lot off, you were allowed to take it home.

this helped the merchant make a sale (might not of if the customer just walked off) at the temp cost of storage, and the overhead of taking payments over the counter..big laybuy line ups.

With BNPL people get a loan "on the spot", they then give the money to the merchant (minus a fee for the loaner), the merchant hands over the item immediately. now the customer has to make payments with the loaner and no more for the merchant to do.. so in a simple sense it's way better then lay buy as the customer gets the item straight away and the merchant doesn't need to bother with taking repayments or temp storage.if you don't make a repayment on time it can damage your credit score and you pay fees.

With Splitit people already have a loan "not used" in the form of credit on their credit card. if they want the item they use Splitit still getting their credit card points (so even more value then BNPL), their are no bad repayments like BNPL because it's not fresh on the spot loan, it has no regulation hoops to jump as already done. the customer gets the item straight away and the merchant gets paid. as it's based on credit card tech, it's borderlesss and you conceptually can use it anywhere in the world without additional country based hoops to jump through. there are no fees with Splitit and the merchant had options and can even badge it their own service if want.

i would agree with though that dumb customers would pay for an item upfront with their own savings or even dumber use a BNPL and pay fees.. a smart customer would use their unused credit, get the points back, pay no interest to the bank, get the item up front.