Buy now pay later (BNPL) is a payment option that allows customers to purchase products and pay for them at a later time. The payment is usually split into installments over a period of time. This payment method is offered by various companies, including fintech startups, online retailers, and traditional banks.
BNPL has gained popularity in recent years due to its convenience and flexibility. It enables customers to make purchases without having to pay the full amount upfront, making it an attractive option for those who may not have the funds available at the time of purchase.
The concept of BNPL dates back to the 19th century, when it was offered by department stores in the United States. However, the modern BNPL model that we know today originated in Europe and Australia in the early 2000s. The first BNPL service was introduced in the UK by a company called Close Brothers Retail Finance in 1997, while the first major BNPL provider in Australia was Afterpay, which was founded in 2014.
Since then, BNPL has grown rapidly and is now offered by a wide range of companies across various industries. The global BNPL market is expected to continue to expand, with more consumers opting for this payment method over traditional credit cards and loans. add for dental clinic
BNPL is also becoming an increasingly popular payment option for dental clinics. Many dental practices now offer BNPL services to help patients manage the cost of dental procedures. Patients can make their payments in installments over a period of time, making it easier for them to afford the dental care they need. This can be particularly beneficial for patients who require extensive or costly dental treatments, as it allows them to spread out the cost over a longer period of time. By offering BNPL options, dental clinics can also attract new patients and improve patient retention rates. Overall, BNPL is a convenient and flexible payment option that is helping to make dental care more accessible to a wider range of patients.