Buy now, pay later (BNPL) services have surged in popularity since 2019, with 17% of Americans reporting BNPL borrowing in the preceding year (source: 2022 Consumer Financial Protection Bureau survey). These platforms aim to ease larger purchases by splitting them into interest-free installments. However, consumer advocates, including Consumer Reports, have raised concerns. Their analysis reveals that certain BNPL apps lack transparent fee disclosures and real-time fraud monitoring. Additionally, some apps collect excessive user data, such as browsing history and biometrics, for targeted advertising purposes.
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Summary
Article Name
Ranking Buy Now, Pay Later Apps: Klarna to Sezzle
Description
Buy now, pay later (BNPL) services have surged in popularity since 2019, with 17% of Americans reporting BNPL borrowing in the preceding year (source: 2022 Consumer Financial Protection Bureau survey).
Author
Susan Jane
Publisher Name
USA today
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