Sales during Cyber Monday 2022 were $11.3 billion. That’s a 5.7 percent increase from 2021. It also outperformed Black Friday 2022. And even though many of those cyber sales were funded by credit cards, and “buy now, pay later” (BNPL) financing played a big role—it was up 88 percent week over week. This particular financing…
Good Reasons to Resist BNPL
By Emma Patch From Kiplinger’s Personal Finance Propelled by inflation and the pandemic-driven convenience of online shopping, Buy Now Pay Later (BNPL) services have become as commonplace as hand sanitizer in a shop entryway. Since 2018, the number of BNPL users in the United States has grown by more than 300 percent per year, according…
US Consumer Watchdog Plans to Regulate ‘Buy-Now, Pay-Later’ Companies
The U.S. Consumer Financial Protection Bureau (CFPB) plans to start regulating “buy-now, pay-later” (BNPL) companies like Klarna and Affirm Holdings due to worries their fast-growing financing products are harming consumers, the agency said on Thursday. The watchdog, which does not currently oversee BNPL companies or products, will issue guidance or a rule to align sector…
‘Fast Path to Extreme Financial Hardship’: Consumer Groups Call for Buy Now, Pay Later Regulation
March 16, 2022
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A group of international consumer groups across 10 countries, including Australia, New Zealand, and the United States, are calling for the urgent regulation of the Buy Now, Pay Later (BNPL) sector. Australian consumer advocacy group CHOICE said new data showed that many Australians were struggling with debt from BNPL. “We are calling for governments across…
Experian Clients Demand More Services Related to Buy-Now-Pay-Later
Experian sees growing demand for its services in the booming buy-now-pay-later (BNPL) sector as it adds more clients to the unit, the world’s largest credit data firm said on Friday after a strong third quarter. BNPL is a segment that is becoming more mainstream and Experian’s clients are demanding the company’s services to know whether…
Australia to Overhaul Regulations for Crypto, Buy Now, Play Later, and Digital Wallets: Treasurer
Australian Treasurer Josh Frydenberg has announced an overhaul to the payments system to target regulations surrounding cryptocurrency, Buy Now, Pay Later (BNPL), and digital wallets. In an address to the Australian-Israel Chamber of Commerce (AICC) on Dec. 8, Frydenberg said Australia had an opportunity to be among the leading countries in the world in leveraging…
Australia to Overhaul Regulation for Crypto, ‘Buy Now, Pay Later’, and Digital Wallets: Treasurer
Australian Treasurer Josh Frydenberg has announced an overhaul to the payments system to target regulations surrounding cryptocurrency, Buy Now, Pay Later (BNPL), and digital wallets. In an address to the Australian-Israel Chamber of Commerce (AICC) on Dec. 8, Frydenberg said Australia had an opportunity to be among the leading countries in the world in leveraging…
As ‘Buy Now, Pay Later’ Surges, a Third of US Users Fall Behind on Payments
A third of U.S. consumers who used “buy now, pay later” services have fallen behind on one or more payments, and 72 percent of those said their credit score declined, a new study published by personal finance company Credit Karma showed. The study, conducted by software firm Qualtrics, surveyed 1,044 adult consumers in the United…
PayPal’s $2.7 Billion Japan Deal Heats up Buy Now, Pay Later Race
U.S. payments giant PayPal Holdings Inc said it would acquire Japanese buy now, pay later (BNPL) firm Paidy in a $2.7 billion largely cash deal, taking another step to claim the top spot in an industry experiencing a pandemic-led boom. The deal tracks rival Square Inc’s agreement last month to buy Australian BNPL success story…
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