发表机构
Rice University; The Wharton School, University of Pennsylvania（莱斯大学; 宾夕法尼亚大学沃顿商学院）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本文综述先买后付（BNPL）的经济学、金融学与营销学文献，阐明其产品模式、消费者行为、客户群体及对消费者的影响，并探讨信用报告等开放政策问题。
AI 中文摘要
先买后付（BNPL）在短短几年内从一种新奇产品转变为消费金融的主流。2020年之前，BNPL只是在线时尚商家结账时的一种小众选择。随后，BNPL经历了显著增长（消费者金融保护局，2022；Salem & Udis，2025），这与2020年COVID-19疫情爆发以来在线购物增加相吻合。BNPL现在是一种无处不在的支付选项。到2026年，你可以使用BNPL来延迟和分期支付从披萨到房租以及介于两者之间的许多物品的款项。随着市场的增长，学术文献也在增长。现在对BNPL的研究已经足够，可以总结和回顾我们所学到的知识。在本文中，我们总结了经济学、金融学和市场营销学术文献中的洞见。虽然我们在过去几年中对BNPL有了很多了解，但我们也讨论了许多剩余的开放问题和当前影响政策决策的担忧。我们首先解释BNPL产品是什么以及BNPL贷款机构的商业模式。然后，我们总结了一些消费者使用这些产品背后的经济学和心理学原因。接下来，我们描述了使用BNPL的客户群体。我们展示了BNPL对消费者的影响，这是一个具有重大政策兴趣的研究领域。另一个政策兴趣领域是BNPL贷款是否应报告在消费者的信用报告中。我们解释了为什么BNPL通常不在信用报告中及其影响。最后，我们提供了一些结论性思考。
英文摘要
Buy Now, Pay Later (BNPL) has moved from a novelty product to mainstream consumer finance in the space of a few years. Before 2020, BNPL was a niche offering at the checkouts of online fashion merchants. BNPL then experienced substantial growth (Consumer Financial Protection Bureau, 2022; Salem & Udis, 2025), coinciding with increased online shopping since the onset of the COVID-19 pandemic in 2020. BNPL is now a pervasive payment option. In 2026, you can use BNPL to delay and split up payments for anything ranging from a pizza to your rent, and many items in between. As the market has grown, so has the academic literature. There is now sufficient research into BNPL to take stock and review what we have learned. In this article, we summarize insights from the economics, finance, and marketing academic literature. While we have learned a great deal about BNPL in the last few years, we also discuss many remaining open questions and current concerns impacting policy decisions. We start by explaining what BNPL products are and the business models of BNPL lenders. Then, we summarize the economics and psychology behind why some consumers use these products. Next, we describe the customer base that uses BNPL. We show the effects of BNPL on consumers, an area of research with substantial policy interest. Another area of policy interest is whether BNPL loans should be reported in a consumer's credit report. We explain why BNPL is typically not on credit reports and its implications. Finally, we offer some concluding thoughts.
Journal refCPI TechREG Chronicle, June 2026
