The term ‘Buy now pay later’ (a.k.a BNPL ) is referring to the customer taking home their purchase but paying for it over time.In the past, ‘Pay later’ shopping typically referred to an interest-free period following the purchase, during which no payments were made and no interest charged. However, after this interest-free period, payment in full was expected otherwise the interest from the original time of purchase was added.Finance technology has revived the concept of ‘Shop now, pay later’, with modern versions much clearer about the payment and interest plan over the period of the loan.