Department stores have struggled with market fragmentation since at least the 1980s, as consumers turned to alternative retailers such as discount and specialty chains, at first in ‘real life’ but now increasingly online. Accordingly, department stores embraced new forms of retail credit in attempts to hang on to their market shares, including Buy Now Pay Later (BNPL) platforms, a mode of payment made possible by technological change. Charging late fees rather than interest, BNPL platforms have further fragmented the market as Gen Y and Gen Z consumers embrace the new, more flexible, and convenient schemes, while baby boomers and Gen X hang on to their credit cards. Despite this innovation, retail credit is as hierarchical today as it ever was.