An ode to AfterPay
AfterPay and other Buy Now Pay Later Schemes: you either love them or you hate them. Some people love the convenience. They like not having to pay upfront. They can buy what they want, even if they can’t afford it right then and there.
Other people (like me) are not impressed with these schemes. They prey on those who have low financial literacy. They know that customers will spend more money this way. They realise that businesses are slugged with fees but miss out on potential customers if they don’t offer it.
Buy Now Pay Later schemes appeal to people because it seems really easy. It makes the amount to pay seem small. It gives people a false sense of security. It entices customers to buy now and not worry about how they will pay for it. After all, it’s only four easy payments and you don’t have to worry about it now.
