SYDNEY—Buy now, pay later businesses battling a slowing economy and stretched household budgets are increasingly turning to niche sectors to secure their future. For Brian Shnidermana pivot to health care has led to a debate over the Brazilian butt lift.
Mr. Shniderman, Chief Strategy Officer for Australia OpenPay Group said payment plans that allowed shoppers to pay in installments for items such as clothing can be repurposed for many common health treatments. Competitors, including New York-based Split payments take a similar turn. Some are aimed at education. But finding a new strategy is a challenge for an industry that was once among the hottest on global stock markets but has recently seen valuations plummet as bad debts have risen.