It was not long ago that the buy now, pay later sector was in an existential crisis. Valuations had been eviscerated by rising interest rates, and there were plenty of questions about whether a sector born of an era of ultra-low borrowing costs could survive.

This week – with an end to peak rates in sight – new questions have emerged. Could buy now, pay later have weathered the market storm, and might it survive as a favoured way for Millennials to pay?