Kirill Andropov

Buy now, pay later (BNPL) plans are similar to layaway plans, often called point-of-sale loans, which allow shoppers to break their purchase into equal installment payments. Unlike layaway plans, BNPL does not put purchases aside until they are paid off; instead, BNPL plans allow users to receive their purchased items before payments are finished. Many BNPL service providers offer their services on purchases over $100, although some offer BNPL services on lower-cost purchases and tend to cap their services between $1000 to $2000 to standard customers. Unlike some retailer financing options, which seem similar to BNPL services, customers using BNPL services do not need to sign up for a credit card or any other type of service.

PayTech, WealthTech, Capital Markets Tech, and InsurTech all fall under the umbrella of FinTech as an industry; financial technology is not a standalone industry working independently, instead, it comprises several sub-industries creating better and more streamlined services.