BUY NOW PAY LATER SERVICES AND LEGAL REGULATIONS AND MARKET TRENDS IN POLAND
In the era of COVID-19 pandemic, online shopping has become even more popular. Electronic payments are one of the most important, if not the most important segment of modern finance. Many companies have been quick to recognize this trend by introducing the BNPL (buy now pay later) service. This service allows you to postpone the payment for purchases for up to 30 days. However, most importantly it is a free service with no hidden additional costs as long as the buyer pays for the product on time. In case the consumer does not pay, he will have to pay commissions or be charged interest. In practice it means that the buyer pays for the product after receiving it, gets acquainted with it, checks whether it suits him and whether it works properly. With the rapid progress of digitalization, consumers’ approach to shopping and paying for the latter is changing. Such a facility is useful especially in the case of fashion shopping, where the customer has the opportunity to try the product before making the final decision. This service enjoys considerable interest in Poland and worldwide, e.g. in the United Kingdom it has already been used by nearly 33 percent of consumers who shop online.
