Experts weigh in on what's next for buy now, pay later - Business Insider

But with growth comes new challenges. Managing consumer credit at scale leads to increased risk. And the desire to maintain growth could lead these fintechs to seek partnerships with incumbents, or find an exit through an acquisition.Buy now, pay later startups are 'having a moment' — here's why retailers like Walmart and Target are betting on installment payments to keep consumers spendingAcross the board, consumer credit is shifting toward more bespoke options for borrowers.

BNPL players are a part of this shift, enabling shoppers to take out small-value installment loans, often without interest, to break up purchases over several weeks. These installment products give consumers more flexibility than a typical credit-card provider, which bills monthly and often charges interest and fees on late payments.

Merchants are willing to pay these fees if having the BNPL option at checkout drives sales — and, according to the fintechs, they do. Affirm says it can help increase average purchase sizes by upwards of 85%, Afterpay says merchants see a 20% to 30% increase, and Klarna says it can increase order values by upwards of 45%.

"You start off on the merchant side, but then if you can get to the consumer side, now you've got a little more stickiness," Aron said.

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