The Consumer Financial Protection Bureau’s recently launched inquiry into the potential risks of buy now, pay later (BNPL) products could force providers to change their playbooks. By evaluating current services, providers can preemptively identify and address the practices under question—and refocus on competing for share of the skyrocketing BNPL user base.
Key Question: How should BNPL industry participants prepare for regulatory changes?
KEY STAT: The number of US BNPL users will soar from 1.6 million in 2018 to 59.3 million in 2022, driven by innovations in credit access and purchase flexibility. Growth will taper through 2025, however, as BNPL enters a post-regulation maturity phase.
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