{"id":282439,"date":"2022-05-25T12:45:28","date_gmt":"2022-05-25T10:45:28","guid":{"rendered":"https:\/\/highxtar.com\/?p=282439"},"modified":"2022-05-25T12:45:28","modified_gmt":"2022-05-25T10:45:28","slug":"how-buy-now-pay-later-is-accelerating-fast-fashion","status":"publish","type":"post","link":"https:\/\/highxtar.com\/en\/how-buy-now-pay-later-is-accelerating-fast-fashion\/","title":{"rendered":"How “buy now, pay later” is accelerating fast fashion"},"content":{"rendered":"

In times of hyper-consumption, suppliers such as Klarna or Vestiaire Collective are providing new capitalist services based on “buy now, pay later”. A strategy that facilitates the mode of purchase, while accelerating the gears of fast fashion.<\/strong><\/p>\n

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Debts are already part of our own materialistic system structured through installment payments or credits. For proof of this new economic trend, we only have to take a look at a series of tags like #Klarna on Tiktok<\/strong>, and see a bunch of girls with new matte black credit cards, showing off their latest vendor-financed PLT purchases<\/strong>. Its sweetened Wes Anderson aesthetic and pastel shades have just appealed to the younger generation who envision it as an aspirational lifestyle.<\/p>\n

The genesis of this “buy now, pay later<\/strong>” service took place in Sweden<\/strong> in 2005<\/strong>. After moving to the UK in 2014, the method started to become popular for allowing users to buy items and pay for them within up to 30 days, as well as splitting the cost into monthly installments or installments. During the pandemic, demand for the service skyrocketed, and in 2020 Klarna became the fourth largest private fintech company in the world.<\/p>\n

ARE WE FACING THE NEXT FINANCIAL SCANDAL?<\/strong><\/h5>\n

As of today, Klarna<\/strong><\/a> already has two million transactions per day, mostly carried out by fashion investors from the Z generation. A paradisiacal-looking platform that hides a series of problems that organizations such as StepChange<\/strong> have brought to light. Among them, the persecution of BNPL buyers by debt collectors, and its strong environmental impact.z<\/p>\n