“The traditional products offered by banks were created in a world that’s very different,” Miller said. “We went back to first principles of how they should be designed.” Buy Now, Pay Later could be particularly useful for merchants selling bigger ticket items — at a time of record unemployment and economic uncertainty, concerns about “going into a serious amount of debt” could prevent some customers from making these purchases on their credit cards. At the same time, the merchants will still get paid “instantly.” (Miller said Shopify is working with a financial partner for both Balance and Buy Now, Pay Later, though he declined to offer more specifics.)

https://techcrunch.com/2020/05/20/shopify-balance/