The global Buy Now, Pay Later (BNPL) ecosystem has gained unprecedented popularity amid the COVID-19 pandemic. The wild growth in the BNPL segment does not come as a surprise given the financial constraints faced by people due to a rise in unemployment and the continuing economic downturn. Globally, Australia is one of the largest markets for the BNPL segment. Reports suggest that more than 35% of the consumers in Australia use zero-interest installment payment plans offered by BNPL providers.
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