Chase stops customers using credit cards to make BNPL instalment payments
Finextra
JULY 17, 2024
Chase customers will soon be banned from using their credit cards to pay for third-part BNPL instalment plans.
Apple adds BNPL offerings from rivals
Payments Dive
JUNE 13, 2024
The tech giant will allow installment plans from Affirm, as well from certain debit and credit cards, onto Apple Pay alongside its own BNPL service.
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US Consumer Watchdog Decision Offers BNPL Users Credit Card-Level Protections
The Fintech Times
MAY 22, 2024
The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections. Will BNPL increase the consumer debt burden?
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Despite Popularity, BNPL Will Not Overtake or Replace Credit Cards
The Fintech Times
FEBRUARY 13, 2024
Having debunked some of the biggest myths surrounding buy now pay later (BNPL), we now turn our focus on the technology’s potential. We reached out to the industry and asked if it believed BNPL could overtake credit card usage as new technologies rise in popularity.
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CFPB to treat BNPL loans like credit cards
Payments Dive
MAY 21, 2024
“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.
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US moves to regulate BNPL the same as credit cards
Neopay
MAY 28, 2024
It states that BNPL (buy now, pay later) companies must provide the same protections for consumers as conventional credit card companies, including investigating disputes, providing periodic billing statements and refunding returned products or voided transactions. That’s not to say there hasn’t been pushback.
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American Express adds BNPL twist to credit card bills
Finextra
FEBRUARY 27, 2024
American Express has launched ‘Plan It’ – a new offering for the UK market that allows credit card holders to pay off purchases on their statement, or a portion of their monthly bill, in instalments.
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Affirm says CFPB’s proposed BNPL rules will confuse customers
Payments Dive
JULY 29, 2024
In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations.
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UK Consumers Demand Enhanced Personalisation and Rewards for Credit Cards, Marqeta Reveals
The Fintech Times
OCTOBER 31, 2024
Consumers are increasingly seeking more personalised benefits from their credit card providers, such as rewards and loyalty points, according to a new survey by card issuing platform Marqeta. However, 48 per cent confirmed that none of their credit cards currently accrue rewards, loyalty points or other benefits.
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CFPB rules that BNPL lenders should be treated as credit cards
Finextra
MAY 22, 2024
The US Consumer Financial Protection Bureau has ruled that buy now, pay later lenders should be treated in the same way as credit cards.
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BNPL Fraud On the Rise as Scammers Prey On Borrowers in Southeast Asia
Fintech News
SEPTEMBER 29, 2024
BNPL fraud in Southeast Asia is seeing a rapid rise with fraudsters exploiting weaknesses in these platforms and developing sophisticated methods to deceive users for financial gain. In these BNPL fraud schemes, borrowers in need of cash agree to use their BNPL credit to pay bills for lenders, expecting a cash transfer minus a small fee.
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New rule makes BNPL sustainable in long term, experts say
Bank Automation
JUNE 4, 2024
The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say. The rule, published May 22 to take effect 60 days later, “makes the model more sustainable because [BNPL] has been around for a long time, it has […]
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ZORRZ Selects CLOWD9 to Drive Financial Inclusivity Through Innovative Virtual Credit Card
Fintech Finance
JUNE 18, 2024
ZORRZ , the pioneering fintech driving financial inclusivity, has announced its strategic partnership with CLOWD9 , a B-Corp certified processing platform, to power its innovative BlueAccess Hybrid Credit Card platform. We are thrilled to collaborate with a partner dedicated to driving change and making credit accessible to all.”
BNPL Profitability Remains Elusive Despite Rising Adoption
Fintech News
DECEMBER 20, 2023
Buy now, pay later (BNPL) arrangements, a type of short-term financing that allows customers to make purchases and pay for them in monthly installments, are growing strongly around the world, picking up steam among both customers and merchants. million in 2023. million in 2023.
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The Rise and Fall of BNPL: Is the Due Date Near for ‘Pay Later’ Services?
Fintech News
MARCH 18, 2024
The global flirtation with Buy Now Pay Later (BNPL) services seems to be coming undone, as new data on consumer payments unveils a significant drop in the appetite for this contentious credit payment approach. US BNPL users declined more in 2023 than the preceding years.
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OJK Lifts Ban on Akulaku’s BNPL Service in Indonesia
Fintech News
MARCH 4, 2024
Indonesia’s Financial Services Authority (OJK) has lifted restrictions on the buy now, pay later (BNPL) service offered by fintech firm Akulaku , according to a statement from the company to Tech in Asia. Established in 2014, Akulaku has a presence that extends beyond Indonesia to Malaysia, the Philippines, and Vietnam.
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Marqeta Survey: Customer Loyalty Shifts as UK Consumers Embrace A New Era of Hyper-Personalized Credit Options
Fintech Finance
OCTOBER 29, 2024
Consumers are increasingly seeking more personalised benefits from their credit card providers, such as rewards and loyalty points, according to a new survey published today by Marqeta (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world’s innovators.
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The Transformative Power of Cards-as-a-Service in Revitalising Credit Cards
Fintech News
JUNE 12, 2024
In the rapidly evolving digital landscape, traditional credit cards face the challenge of staying relevant amidst the rise of digital wallets and changing consumer expectations. The emergence of Cards-as-a-Service (CaaS) offers a transformative solution that can help credit cards adapt and thrive in this new era.
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Xero Clients Can Now Offer BNPL Payments via Klarna
Finovate
SEPTEMBER 25, 2024
Xero and Klarna have partnered to allow small businesses to offer buy now, pay later (BNPL) options at checkout, giving consumers more flexible payment choices. Under the partnership, Xero’s small business clients will have access to BNPL capabilities that may help boost revenue and enable more large-ticket sales.
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Gen Z is leading adoption of new payments. Here’s how BNPL is being affected.
Tearsheet
JULY 1, 2024
Priore shares his observations on Gen Z’s adoption of newer payment methods like buy now, pay later (BNPL) for smaller purchases. BNPL and younger generations What trends are you seeing in terms of Gen Z’s preferences and adoption of solutions like buy now, pay later (BNPL) for smaller ticket purchases?
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Xero Merchants Can Offer BNPL Payment Option Following Klarna Partnership
The Fintech Times
SEPTEMBER 26, 2024
Hidden fees and limited payment options have often been a large hurdle which has hindered the amount of credit payments being made to small businesses. Firms using the business platform, Xero can now add ‘buy now pay later’ (BNPL) to their offering as it partners with Klarna , the AI-powered global payments network.
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Galileo Expands BNPL Offering to Help Banks and Fintechs ‘Deepen Customer Relationships’
The Fintech Times
MARCH 21, 2024
Galileo Financial Technologies , a fintech firm owned by SoFi Technologies , is expanding its Buy Now, Pay Later (BNPL) offering that enables banks and fintechs to offer cardholders new post-purchase instalment payment options via their existing debit or credit card account.
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A Merchant Guide For Buy-Now-Pay-Later (BNPL) Payments
Clearly Payments
FEBRUARY 3, 2024
One solution that has gained traction is Buy-Now-Pay-Later (BNPL). BNPL services allow consumers to make purchases and defer payment, often breaking it down into smaller, more manageable installments. How BNPL Works for Merchants BNPL services enable consumers to make purchases without paying the full amount upfront.
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Weave teams with Sunbit for healthcare BNPL
Payments Dive
MAY 26, 2022
With Sunbit, Weave can now add BNPL to its other services that help small businesses collect customers’ payments, including text to pay, digital wallets, wireless terminals and credit-card on file.
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Industry Voices That “BNPL Is Definitely Not a Dying Trend” as Hype Remains
The Fintech Times
FEBRUARY 15, 2024
Buy now pay later (BNPL) has certainly taken the paytech world by storm. We previously discussed if the technology would be able to surpass credit cards due to its popularity. This can only be done if the BNPL hype remains – but is it already over? We reached out to the industry to find out. Hype is not over.
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NatWest Plans to Shut Down BNPL Offering; Why Are So Many Firms Taking a Step Back From BNPL?
The Fintech Times
MARCH 9, 2024
Around 2020, buy now, pay later (BNPL) solutions exploded in popularity, as an increasing number of shoppers across the globe turned to online shopping during a pandemic that caused a significant amount of financial uncertainty. It might not just be uncertainty that is impacting BNPL’s success.
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How Are BNPL Providers Overcoming Industry Myths to Ensure Success?
The Fintech Times
FEBRUARY 7, 2024
Now, The Fintech Times turns its attention to the perception of BNPL and, more specifically, the various myths surrounding the space and how providers are busting them. “One myth which has been busted in the past few years is that users of BNPL pose a high credit risk. However, this assumption isn’t accurate.
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AFC Praises New BNPL Recommendations, But Warns That Providers Need ‘Additional Time’ to Comply
The Fintech Times
JULY 15, 2024
The American Fintech Council , the industry association representing responsible fintech companies and innovative banks, has welcomed new recommendations regarding buy now, pay later (BNPL) but warns that providers need more time to ensure compliance.
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Security and Reasonableness of Terms Are Key Factors for Greater BNPL Satisfaction
The Fintech Times
MARCH 1, 2024
Buy now pay later (BNPL) offering easy account review, security and reasonableness of terms are among the top reasons for customer satisfaction finds J.D. Satisfaction Study’ BNPL has had a myth follow it since its inception that it is a gateway to debt. Power ‘2024 U.S
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Cape Debuts 'Recession Fighting' Credit Card
PYMNTS
SEPTEMBER 20, 2020
Cape , a new Australian FinTech made up of professionals in finance, is debuting its new “recession fighting” credit card, powered by open banking and intended to allow access to new functions like buy now, pay later (BNPL), according to a report from AltFi. Common plans offer four-installment payments as ways to buy items.
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BNPL Is Poised To Light Up The COVID Holidays With Affordability
PYMNTS
DECEMBER 15, 2020
It’s hard to say which is the best part of buy now, pay later (BNPL). Debatably the most impactful payments innovation of recent years — and that’s saying something — BNPL is having a massive impact on retail, as evidenced by the proliferation of brands and the steady flow of venture capital to players that are defining the space.
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BNPL in Credit Reports: How Could This Data Impact FICO Scores?
FICO
APRIL 28, 2022
Buy Now, Pay Later (BNPL) plans allow shoppers to make purchases and pay for them in installments over a defined period. As BNPL loans become a more commonplace form of credit used by consumers, these loans could also become an important factor in consumer credit reports, and by extension, in the FICO ® Scores based on those credit reports.
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Kueski BNPL Offering Launches for Purchases Made on Amazon Mexico
The Fintech Times
JANUARY 30, 2024
Kueski , the Latin America-based buy now, pay later (BNPL) provider, will now be available as a payment option for Mexicans making purchases on Amazon. The product does not require a credit card, which is significant for the 60 per cent of adults in Mexico who remain unbanked.
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Walmart Taps Affirm for BNPL at Self-Checkout
Finovate
JANUARY 2, 2024
Affirm has extended its partnership with Walmart to offer buy now, pay later (BNPL) tools at self-checkout stands. BNPL heavyweight Affirm ended 2023 announcing an expansion of a partnership with one of its major customers. BNPL heavyweight Affirm ended 2023 announcing an expansion of a partnership with one of its major customers.
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Indian Mobile-First Credit Card And BNPL Provider OneCard Raises At A $722M Valuation — It Joins The Competitive Indian Credit Card Space, Competing With Uni, Slice, CRED, And KrazyBee
CB Insights
JANUARY 4, 2022
OneCard , a mobile-first credit card company, has raised $75M in a Series C round that drew participation from QED Investors, Sarv Investments, and Sequoia Capital India, among others. India-based OneCard offers a mobile-first credit card for consumers in India. How’s the company performing? Want the full post?
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New BNPL study raises concern about 'debt spiral'
Payments Dive
MARCH 10, 2022
Some consumers are charging buy now-pay later installment payments to their credit cards, and that should serve as a "warning flag" to regulators, said three economists who authored the research paper.
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BNPL providers won’t face penalties during transition to new CFPB rule
Payments Dive
AUGUST 20, 2024
CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions. His remarks follow significant industry pushback.
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Gen Z’s impact on credit is bigger than you may think
Tearsheet
FEBRUARY 20, 2024
Digitally-Native and Debt-Adverse More so than their parents and previous generations, Gen Zers are regularly paying their credit card bills and carrying less debt. According to Marqeta’s 2023 State of Payments report , Gen Z consumers are more careful than older generations about how often they use credit cards.
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Capital One Halts BNPL Transactions On Its Cards
PYMNTS
DECEMBER 7, 2020
Capital One Financial Corp (CapOne) is putting a stop to buy now, pay later (BNPL) transactions on its credit cards, calling the dealings “risky,” Reuters reported on Monday (Dec. The news outlet noted it is the first lender to distance itself from BNPL as a financing alternative.
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Consumers tap BNPL for larger purchases
Payments Dive
SEPTEMBER 30, 2022
buy now-pay later use has climbed since last year, also points to consumers acquiring more credit cards. Marqeta's report, which showed U.S.
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Why Switch to a New Age Credit Card System?
M2P Fintech
AUGUST 8, 2023
The credit card industry in India is booming. crore* credit cards in circulation, a substantial jump from 7.5 But only 5%** of the population has a formal credit card. This is a huge opportunity for credit card issuers. Currently, there are 8.5 crore just a year ago.
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Klarna Partners with UATP to Tap the $1 Trillion Air Travel Industry
Fintech Finance
SEPTEMBER 10, 2024
Klarna gains immediate access to UATP’s vast base of airlines and travel agencies and is a preferred BNPL partner for EU and APAC. The $1 trillion air travel sector is a key growth opportunity for Klarna because credit cards account for 70% of retail travel payments. billion by 2030. Klarna is that partner.”
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Credit Card Processing Outage
Payment Savvy
DECEMBER 2, 2022
Most businesses these days benefit from credit card payments, at least in some capacity. This means that whenever a card processing outage occurs, business owners have reasons to be worried. What Is a Credit Card Processing Outage? All payments done with a credit card must go through a payment processor.
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Drive Now, Pay Later: Klarna and CarTrawler Agreement Brings Interest-Free BNPL to CarTrawler’s 250 Partner Travel Websites
Fintech Finance
DECEMBER 13, 2023
Under the agreement , travelers can now pay for their car rental using Klarna ’s full range of flexible payment options, including interest – free Buy Now Pay Later ( BNPL ), when they book on over 70+ airlines and 250 + travel websites.
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