The upstart Buy Now, Pay Later (BNPL) industry will have to learn some hard lessons and soon, thanks to massive growth and sudden CFPB scrutiny, but the credit, recovery, and collections industry can learn a few things from BNPL, too, argues Tim Smith, SVP of Business Development at Firstsource Solutions.

It’s not hard to understand why the BNPL services have become one the hottest trends in the credit world. Nor is it hard to understand why the BNPL market is experiencing growing pains.

BNPL services are nothing if not an attractive way for consumers to buy something when they can’t afford the full amount. For someone who encounters an emergency expense like a car repair or medical treatment, they are a much better option than a payday loan.

View this content by subscribing

Please register to unlock this content

I already have an account. Log in