Once the exclusive domain of banks, lending is breaking out, enabled by fintechs and big techs. As technology snowballs, digital lending is becoming a worldwide phenomenon but is especially evident in Asia, with providers sprouting up and gaining a footing, buoyed by the pandemic and the system changes it has introduced. What are the current trends, and what can we expect to see develop on Asia’s digital-lending front in 2021?
Buy Now, Pay Later is regularly used to pay for big-ticket items in instalments, but thanks to digital technology, the method is becoming popular for numerous product and service transactions. BNPL digital providers help consumers, unable to pay the full price at point of sale, to stagger payments according to agreed-upon terms, often with no interest or fees. As with any payment method, there are pluses and minuses to consider.