The Changing Landscape of Retail Payments: Evolution through incremental innovations

The recent reincarnation of Buy Now Pay Later products -- as available against other financial services solution such as credit cards -- to a standalone solution financed by FinTechs has taken the industry by storm. This has led to a number of new players, such as Klarna and Afterpay amongst others, achieving significant growth in lending volumes. These FinTechs are lending to the new age population and taking market share away from the traditional card players on short-term credit. The FinTechs are underwriting the risk and it has shown to be a profitable initiative for the now larger players. Additionally, other well-known retail platforms (like Amazon.com and Walmart) have recognized the vast opportunity and are implementing this phenomenon for their customers.

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