We had a US buyer a while ago who wanted to use it, and at that stage it wasn't available here. She swore by it, said she buys just about everything that way.
You get the goods, the seller receives their $'s and you (as the buyer) have time to pay off.
Obviously there are penalties if you don't make your payments or are late, but this is a facility that will work for many buyers.
Seems like a good alternative to a credit card, especially for those who shop and don't pay off the full balance every month so the debt keeps carrying forward.
Thus a monthly payment being made but never clearing to $0.00, however, with this option mandated regular payments made but big difference is that all paid off at the end of the time frame and no interest charged or continuing.
Interesting thought - Could this be a way to keep buyers out of debt?
Also wonder how the cc companies will re-act!! This new way of paying could have a devastating effect on their "rivers of gold".
They have a lot to lose if these new systems are taken up in a big way by buyers. Many retailers seem to be making one or more available for shoppers.
Watch this space I think.
