The practices of BNPL and paying in installments are not new. In the last few decades, personal credit transformed from loans to credit cards to the now trending shape of BNPL. However, BNPL got institutionalized rapidly in the past decade, triggering a massive shift in credit card usage while allowing consumers a number of interest free payment formats.
“We at TerraPay have built and operate interoperable payment rails to facilitate payments from various instruments such as bank accounts, cards, and mobile wallets. Therefore, from a TerraPay perspective, BNPL is another use case that can be facilitated with the existing payment-centric services that TerraPay provides its users.” said Rizwan Qazi, Vice President - Special Projects & Partnerships, TerraPay, a licensed digital payments infrastructure and solutions provider, paving the global payments highway.
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