It's virtually a credit card service issued without neither a foregoing credit check nor a physical card except that with a lower credit limit. For people with

It's virtually a credit card service issued without neither a foregoing credit check nor a physical card except that with a lower credit limit. For people with enough financial capacity, it provides little value in comparison with credit card as they still have to pay the same amount but have to go through much more hustle. So, it's not attractive to those unless there were considerable incentives such as cashbacks. But on the other hand, for those barely can make ends meet, it might be the only way to get something they want desperately as obviously they are highly unlikely to get a credit card or a personal loan. If something goes sideway, bad debts are most likely to occur. For the merchants, if with the extra fees they still can make a profit, then they would be pretty happy to accept it as they get some extra sales which are unlikely to happen if no BNPL available. For the BNPL providers, they can be there in the first place was because there was way too much cheap money in the market which had nowhere to go. So, if they can get enough customers and revenues quickly enough by providing considerable incentives, they can continue to get more and more investments. And if they can get to IPO stage, they can get more money by bumping up the share price by which the initial investor can exit with huge profits. Such game had been played for decades as so much money were printed from thin air. Now things changed drastically as cheap even free money is no more...