If you have made an online purchase for clothing, furniture, or electronics recently, chances are, you've seen the option to Buy Now and Pay Later in installments. Buy Now Pay Later (BNPL) was a breakout star in the payments world in 2020. More than a third of US consumers had used a BNPL offering by July 2020. The COVID-19 pandemic has propelled this demand further, and Buy Now Pay Later spending is expected to hit nearly a trillion dollars by 2026.