‘Buy now, pay later’ catches on just in time for holidays

By KEN SWEET
AP Business Writer

SAN FRANCISCO (AP) — Fueled by several financial technology companies as well as an entry by the big credit card companies, Americans now have the option to “buy now, pay later” on everything from a $1,500 Peloton bicycle to a $60 floral bouquet. Retailers’ websites often come with an option to pay for a purchase in installments, or in the case of credit cards, allow customers to create fixed payment plans after the fact. Americans appear to be eager to try it out, with tens of thousands of new customers signing up with companies like Affirm every week.