Buy Now, Pay Later: Academic Insights and Open Policy Questions

This article surveys the rapidly growing academic literature on BNPL and identifies a series of open policy questions that remain unresolved. The authors’ review explores why consumers use BNPL, who is most likely to rely upon it, how it affects spending and borrowing behavior, and whether its obligations should be incorporated into traditional credit reporting systems. While existing research demonstrates both benefits and risks, the authors emphasize that many of the most important questions