The above-mentioned factors are likely to propel the market growth during the upcoming periods. The customer gets immediate approval for their orders, once registered, and a usually interest-free deferred payment. Instant access to credit and ease of use, moreover, leads to rapid adoption among end-users. Retailers get paid in full and upfront with these services and they also get significantly higher conversion rates than the conventional counterparts such as credit card payments. BNPL is becoming more and more popular as it offers several important advantages for the merchants as well as for the customers. From the merchants’ perspective, BNPL is gaining traction as both merchants and retailers are looking to capitalize on the boost in online shopping as consumers are preferring contactless shopping to prevent the spread of the virus. Consumers are rapidly shifting towards BNPL solutions owing to the inclination towards online shopping to reduce the spread of the COVID-19 virus. Buy Now Pay later platforms have gained significant momentum during the coronavirus pandemic owing to a rapid upsurge in digital payments and online shopping. The rise in BNPL services has predominantly come around thanks to a series of FinTech's coming to the table as payment platforms and partnering with leading e-commerce retailers to offer interest-free credit at checkout. ​ The various BNPL payment solutions differ in terms of the length of time customers can select to pay for purchases and the process in which the credit check is made.
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