GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
That means BNPL companies are now held to the same regulatory standards as conventional credit card issuers.
But what are these regulations, exactly?
And what does this mean for consumers?Heres what it’s crucial that you know.
What Is Buy Now, Pay Later?
Youve probably encountered BNPL offers if you shop online.
It may appear as a separate option at checkout.
BNPL loans are increasingly popular, especially as inflation and rising costs make everyday shopping more expensive.
The industry is expected to grow to $700 billion by 2028.
The new regulations implemented last May require these companies to provide more information to buyers.
What Does This Mean for Consumers?
The new regulations dont mean the end of the BNPL industry.
Youll still have the option tobuy now and pay laterwhen you shop online or in a physical store.
The new rules dont prevent shoppers from overspending.
More From GOBankingRates
Share This Article:
