Buy Now Pay Later news and archive

UK to enact new regulations on ‘wild west’ BNPL industry

The UK government has outlined plans to regulate the operations of buy now, pay later (BNPL) firms as it aims for more transparency among the industry. The HM Treasury said BNPL firms will need to follow “consistent standards”, including upfront checks, to ensure shoppers can repay what they borrow. The plans also detail “fairer and faster...

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Afterpay merges with Cash App and rebrands

Buy now, pay later (BNPL) payment service Afterpay is merging with Cash App, the US money app, to become Cash App Afterpay, expanding access to its pay-in-4 product to more merchants in the US and accelerating its growth in the region. Both fintech companies are part of Block Inc. and the move will allow eligible Cash App customers to have...

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Buy Now Pay Later surged during holiday spending

According to the most recent Adobe Analytics report, online holiday sales in the United States reached a record-breaking 222.1 billion dollars between November 1st and December 31st, marking a 4.9 percent increase from the same period in 2022. The surge in e-commerce purchases was significantly aided by the popularity of Buy Now, Pay Later...

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Online inflation sees biggest YOY fall since March 2022

The Adobe Digital Economy Index has released new data revealing that UK online spending in August reached 9.43 billion pounds, marking a slight year-on-year decrease of 1.3 percent and a 3.5 percent drop compared to July. Brits eagerly embraced a September heatwave with online prices seeing a significant 6.2 percent year-on-year decline, the...

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BNPL provider Klarna secures 800 million dollar financing

Swedish payment provider Klarna has announced it has closed a new 800 million dollar funding round which it said will be used primarily to support the expansion of its US market position. The ‘buy now, pay later’ (BNPL) operator said it had received backing from existing investors, including Bestseller and its founders Sequoia, as well as a...

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UK government to implement stricter BNPL rules

The UK government has revealed it is planning to implement stricter rules on ‘buy now, pay later’ (BNPL) services in order to improve the protection of the payment option’s users. The move comes as concern around BNPL grows alongside the ongoing ‘cost of living’ crisis, which has continued to worsen in the region. The proposal will require...

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PayPal expands ‘buy now pay later’ offering

Payment provider PayPal has announced a new Pay Monthly offer, providing US customers with a further ‘buy now pay later’ option for more flexibility. The offer allows customers to make large purchases between 199 dollars and 10,000 dollars, breaking the total cost into monthly payments over a six to 24 month period. On selection, customers will...

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Apple to launch Buy Now, Pay Later service

Apple on Monday announced it will expand its Apple Pay services with a buy now, pay later (BNPL) option. Called Apple Pay Later, the financial service allows users to split purchases into four equal payments over six weeks without interest or late fees. Apple announced the move at its latest Worldwide Developers Conference. Apple Pay later is...

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Klarna to cut workforce by 10 percent

Buy now, pay later company Klarna has announced that it is cutting 10 percent of its workforce, citing weakening consumer confidence, surging inflation, a volatile stock market and the war in Ukraine. In a blog post, Klarna chief executive Sebastian Siemiatkowski said: “When we set our business plans for 2022 in the autumn of last year, it was a...

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Klarna launches virtual shopping experience

Payment provider Klarna has announced the launch of a Virtual Shopping offering, allowing customers to browse and buy products through live chats and video calls. Utilising Klarna’s Store App, in-store experts will be able to connect with shoppers online, with the option to provide demonstrations on items and share photos of products with app...

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Which calls for stronger precautions regarding BNPL debit risks

Consumer watchdog Which has called for more vigorous precautions to be in place regarding Buy Not Pay Later (BNPL) options, as new research by the firm revealed consumers are unaware of the debt risks associated with the product. The payment method’s popularity has skyrocketed in recent years, providing consumers with an alternative, flexible...

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Klarna launches browser extension for pay later on all stores

Payment service provider Klarna has revealed a new browser extension that will allow shoppers to utilise its flexible payment options at all online stores, regardless of whether the retailer is a Klarna partner or not. The extension comes as the firm reports that 44 percent of online orders are placed on desktops, with the goal of catering to...