Story: Convenience and human behaviour
When I looked for a carry-on suitcase for domestic travel, I saw the icon, Afterpay. I heard it on Bloomberg Technology and I feel that it’s a trend. I believe that most of these new services come from the founder’s personal experience. The trend means there are many followers. Many people have the same experience.
If I were parents, I would say don’t buy anything if you don’t have (money). I feel that it will be a negative spiral. After all, people have to pay the full amount at a certain point. It’s debt even no interest. A human is basically lazy compared with animals. A human takes to the easy way out.
I would like to think about why buy now pay later is so popular in the market.
Here’s How Apple’s ‘Buy Now, Pay Later’ Service Will Work
©Bloomberg Technology
Mark German mentions that people who want to get expensive stuff may buy it because of no interest. I am very concerned about this trick especially for young people.
The dark side of Buy Now Pay Later apps
©Preet Banerjee
I like afterpay logo mark. It shows a and p even though I won’t use any BNPL(buy-now-pay-later) service.
Think about a merchant standpoint is interesting. Some countries ban the mark-up fee for merchants. Reward attracts consumers and urges them to use a credit card. A merchant may lose a profit, or a merchant calculates it and consumer may be paying their costs. I don’t know exactly.
The Dangers of “Buy Now, Pay Later”: Instant Gratification & Normalization of Debt
©tiffanyferg
BNPL users mainly consume beauty and fashion products. It’s smart targeting. It does not feel you are spending money. Sounds scary for me, but millennials are not foolish. I heard the financial topic was a boom in Tiktok in 2021. I came to Canada and I heard about credit scores. I don’t know who teaches it to kids and when.
Beyond the BNPL, this is good financial information.
Review at Justuseapp.com
We can see some negative reviews, but once APP scales and becomes popular, it’s inevitable. A negative review is feedback, an opportunity for improvement.
Conclusion: Manage your finance
Spending money is a good thing for the economy. It also makes people feel better, relatively. I cannot say anything to Millenials or Gen Z. Because I was terrible to manage the credit payment. I learned through my 20s experiences how the interest rate is evil, lend money easily and collect money more than lending.
Now, I live in Canada with an immigrant mentality. I don’t spend money a lot. Even so, I have unnecessary stuff in my apartment. I need to keep simple.
