Buy now, pay later (BNPL) firms that operate in the U.S., include Affirm, Afterpay, ChargeAfter, Klarna, PayPal, Sezzle, Splitit, and Zip (QuadPay). BNPL, which has been a rapidly growing subset of the credit industry in recent years, has boomed since the Covid-19 pandemic sent millions of Americans to online stores for the first time. Companies that offer BNPL have two approaches to the market. Some have consumer-facing brands. Consumers know the credit provider is not the merchant. Others essentially offer a white-label service that suggests BNPL credit is being extended by the merchant. ...