Buy Now, Pay Later, or BNPL, services have attracted swelling demand amid an acceleration of ecommerce during the coronavirus pandemic. Such products let shoppers split the cost of purchases over a period of months, often interest-free. BNPL accounted for 2.1% of all global ecommerce transactions — about USD 97 billion — in 2020, according to Worldpay data.
Zilch, on the other hand, lets users pay at any merchant that accepts Mastercard. Zilch takes a small cut from merchants on each transaction processed through its platform. The idea is that retailers are willing to pay these fees as it increases their sales in the long run.
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