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There are a growing number of tech platforms out there today that enable consumers to buy now and pay later. One of them, Paidy, is growing rapidly in the Japan market these days, in a region where many consumers still prefer to go with cash when making their transactions despite the pandemic giving cashless payments a bit of a boost.
The startup came about as a solution to a problem after an ex-Goldman trader had been denied a credit card.
Paidy is a Japanese financial tech startup that enables people to be able to pay for different goods without using a credit card, it offers them instant credit. With their popular and growing buy now pay later approach they've been successful already in raising millions of dollars in funding.
They have a corporate mission to take the hassle out of paying and the overall experience of making a purchase they are looking to improve upon.
Customers can pay the charges later on after grabbing the item from the store and now there are more than 700k websites that accept this particular form of payment. There are thousands of others around the world as well that have already embraced different buy now pay later platforms.
### Over 5 million accounts for Paidy
Traditionally, stores might often have a number of items put away that people make payments on until they can pay it off completely. Sometimes they might not be able to make those payments and then it is too late and out of season to return that merchandise to the shelf, there is a benefit in allowing the customer to take it right then and there and pay later. This isn't the first payment service of its kind to come about and for good reason, this is a popular and convenient idea for consumers today.
The 'buy now pay later' market is already a multi-billion market and is projected to keep on growing. You can now find multiple options for buy now pay later platforms that enable customers to be able to get what they want now and pay in installments, pay later on down the road.
They are growing in popularity in the United States today and other parts of the world because they offer customers an alternative to traditional credit cards that often come with high interest rates.
The idea to purchase on installment plans isn't new and it is growing because the idea is a popular one. Overall, one of the biggest draws has been the convenience for consumers in using these tech platforms to buy what they need. As far as making the purchasing experience an easier one for the individual in the market they are already succeeding on that front.