When shopping online or in stores these days, consumers increasingly have a new way to pay. Buy now, pay later (BNPL) allows them to split their purchases into four to six installment payments, often with no interest charges. An estimated 60% of Americans have used a BNPL service at least once, according to a survey by C+R Research. Which raises an important question: Is buy now, pay later a replacement for traditional layaway? While these point-of-sale installment loans share some things in common with layaway, they also differ in important ways. Learn more in this insightful article by Investopedia that cites a recent study by C+R Research.