Short for Buy Now Pay Later: digital purchase on account or in installments in e-commerce. Customers have the option of paying the purchase amount with an extended payment term (e.g. 2 weeks/4 weeks) or in several installments. The seller (e.g. online store) receives the full purchase amount immediately. Payment services such as Afterpay, Klarna or Paypal generally offer users BNPL without additional fees or interest.
