“Buy now, pay later” - a payment scheme that allows consumers to purchase goods over time with interest-free instalments, has become increasingly popular.

With such a growing trend, the sector is expected to reach USD$3 billion in 2028.

But the question is : is BNPL a good scheme for money management?

Prime Time’s Timothy Go and Bharati Jagdish speak with Tan Siew Lee, Head of Wealth Management, OCBC to find out more. 

Highlights of the conversation:

01:28 : Why BNPL is a fast growing market now 

03:28 : Concerns about BNPL such as technical issues with payments and impulsive purchases 

04:41 : How banks can protect themselves against default payments 

06:19 : Industry-wide of conduct to safeguard consumers