Buy Now, Pay Later (BNPL) is a consumer financing model that enables shoppers to divide the cost of a purchase into multiple installments, typically without interest if payments are made on time. Popularized by fintech firms and increasingly adopted by traditional retailers, BNPL has become a significant force in e-commerce and point-of-sale transactions. Investors and regulators monitor BNPL due to its rapid growth, potential to drive consumer spending, and concerns over debt accumulation.