Buy Now, Pay Later (BNPL) is a rapidly growing financial model that allows consumers to make purchases and pay over time, often without interest or fees if payments are timely. This alternative to traditional credit is popular due to its convenience and reduced credit check requirements, appealing to those with less-than-perfect credit histories. Major players like Klarna, Afterpay, and Affirm dominate the market, with strategic expansions and partnerships contributing to their growth. BNPL is democratizing credit by offering transparent and accessible payment options, thus aiding financially underserved consumers. However, the sector faces significant challenges, including rising fraud risks and economic uncertainties that could impact growth. BNPL providers often profit from merchant partnerships rather than charging interest, which makes the model attractive to both consumers and retailers. Globally, BNPL is expanding across various regions, with notable growth in the U.S., Europe, Southeast Asia, and Africa, driven by e-commerce proliferation and venture capital investment. Despite its benefits, the industry must navigate regulatory scrutiny and potential fraud, which could affect its long-term viability and consumer trust.