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Young & Savvy
The allure and dangers of ‘buy now, pay later’
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Singapore consumers spent $3.4 billion online and in-store using “buy now, pay later” services in 2023.
ST ILLUSTRATION: CEL GULAPA
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SINGAPORE – I was in a department store buying clothes that cost about $30 a couple of years ago when a sales agent came up and promised me a discount if I used an app to pay for the outfit.
It was only after I had downloaded it that I realised it was an app for “buy now, pay later”, otherwise known as BNPL. The app offered to split my $30 payment over a few months.
