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American Financial Services Association

October White Paper | Buy Now, Pay Later

October White Paper | Buy Now, Pay Later

AFSA’s State Government Affairs team has released its October white paper, which is focused on “buy now, pay later” (BNPL) services.

The rise of online shopping has fueled the popularity of BNPL services, which allow consumers to borrow the exact amount needed and spread payments over four installments. While BNPL is a new industry, the idea of financing purchases isn’t. This model has expanded beyond large items to include smaller purchases like clothing and food delivery. However, the rapid growth of BNPL has attracted regulatory attention. With the Consumer Financial Protection Bureau (CFPB) and states like Massachusetts and New York moving to introduce legislation, BNPL could face increased scrutiny in the future.

This paper, along with SGA’s other white papers, can be found in the SGA resources section of AFSA’s website.

October 2nd, 2024

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