Laybuy is not the first BNPL whose value has taken a dive. In Q1’23, the Australia-based BNPL Openpay announced it was going into receivership following an all-time high total transaction volume. Additionally, in Q4’23, ZestMoney, the Bengaluru-based BNPL also announced it was shutting down following an attempted revival under new management.
Since the pandemic, BNPL has been an increasingly popular payment method. The idea of allowing users to make interest-free payments over time without a credit check was a resounding success. However, a lack of clarity surrounding the fine print and the fees that would be paid on late payments quickly began to haunt BNPL with many users blaming the service for falling into debt.
