BNPL: Usage of buy-now pay-later with firms like Klarna rockets – but does it ease shoppers’ cost-of-living burden? BNPL Buy-now pay-later usage rocketed last year as over four million new shoppers took to the products in a bid to shield their wallets from the soaring cost of living, new data shows.
Saturday Spotlight: Cost of living crisis is giving Buy Now Pay Later shot in the arm weekend exclusive Buy Now Pay Later offerings may be controversial and much-criticised, it seems the cost of living crisis is giving the format a major boost. In fact, it has emerged that nearly half of all Brits are more likely to or are already using Buy Now Pay Later (BNPL) services compared to a year ago, according [...]
Curve strikes $1bn deal with Credit Suisse to fund pay-later push BNPL Fintech payments firm Curve said it had struck a $1bn deal with Swiss lender Credit Suisse today to fund a growth push for its buy-now pay-later product, Flex.
Exclusive: Laybuy eyes profit as customer spend surges to £64m November 9, 2022 Buy-now pay-later firm Laybuy said it was on track to hit profitability this year as it reported a 32 per cent surge in the amount of cash it brings in per customer.
Exclusive: FCA threatens buy-now pay-later firms with jail time using financial promotion ‘loophole’ November 7, 2022 The City watchdog has written to buy-now pay-later chiefs warning they could face up to two years in jail if they fail to fall in line with financial promotion rules, as it uses a “loophole” to clampdown on the products despite not directly regulating them, City A.M. can reveal.
Klarna losses more than triple as costs soar August 31, 2022 Losses at buy-now pay-later giant Klarna more than tripled in the first six months of the year as the Swedish fintech was hit by soaring employee costs and rising credit losses as it ramped up its expansion in the US.
Laybuy to share data with credit agencies as BNPL firms clampdown on borrowing August 31, 2022 Laybuy has become the latest buy-now pay-later firm to commit to sharing customer data with credit rating agencies today as the sector looks to clampdown on vulnerable shoppers taking on unaffordable debt.
FCA warns providers of BNPL products about unregulated promotions August 19, 2022 The UK’s financial regulator has written to providers of Buy Now Pay Later (BNPL) products and the British Retail Consortium warning about unregulated promotions. The Financial Conduct Authority outlined that products must comply with promotion rules, and some unauthorised firms may be breaking the law if their products aren’t backed up by an approved company. [...]
Virgin Money announces plans to take UK’s fast-growing ‘buy now, pay later market’ by storm July 26, 2022 Virgin Money said this afternoon the bank plans to enter the buy now, pay later (BNPL) market later this year. With an offering called Virgin Money Slyce, Virgin Money is set to launch a new BNPL credit card product. Any spend over £30 can be spread across three, six, nine or 12-month repayment plans. Paying [...]
BNPL firms welcome UK government plans to regulate the sector June 20, 2022 Buy-now pay-later (BNPL) firms today welcomed the UK government’s long-awaited plans to regulate the sector amid concerns that more people are turning to such services as the cost of living rises. Under plans announced today, the government said that BNPL firms – which provide shoppers with short-term interest-free credit to delay paying for goods – [...]