BNPL: Boon Or Bane?

BNPL: Boon or Bane?
Me Playing Darts


I came across a RM800+ dart set recently and saw that it could be bought with BNPL (Buy Now, Play Later). As BNPL is currently trending, I’m just wondering if you think the facility is a boon or a bane?


It made me 心痒痒 (heart itch) when I saw the merchant offering this facility.  But then, with so much economic uncertainty, unemployment and animal shelters needing help in our midst, buying a dart set really shouldn’t be a priority, especially if you’re looking at BNPL.


I decided to write about this because a BNPL provider had approached the company I work for recently.  I had attended the webinar and everything looked groovy, like the zero per cent instalment and how merchants could gain the competitive edge if they have this alternative payment method.


Sure, I could own the dart set by paying in instalment but I’ll also be getting myself into a debt trap. Besides I still owe the vet RM4,000.  My previous story Precious Furkids


So buying a new dart set is a definite “No No”.  Don’t even think about it!


Think of instant gratification vs delayed gratification everytime you look at something which you want but do not really need.  The brand new dart set may make you very happy today and the next day, and maybe the next three days, but three months later, you would be eyeing something else that you think will make you happy.


BNPL is also not regulated by Bank Negara by the way.


If you were to miss a payment, you will have to pay additional fees.  Because the facility is so user-friendly, one might use it without a second thought, and easily spend more money than one should.


So many people are borrowing against the future, and they may not even know it.  Or maybe they know, but don’t care.   With life being so uncertain, they just want to live in the Now.


What are your thoughts on this? Do you see BNPL as a boon because of the flexibility it offers or as something to be avoided?


Here are my affiliate links in case you’re in the mood for some online shopping.  Spend wisely, not extravagantly!



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