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November 29, 2021

On the web

Zip Brings Virtual Card to UK for Instore Tap and Pay

Finextra Research

“Buy now, pay later operator Zip is introducing a mobile-based virtual card, enabling UK shoppers to tap and pay for their purchases at the checkout. Following an initial launch in Australia and New Zealand, Tap and Pay with Zip is being rolled out nationwide across the UK in time for the festive shopping season, starting first in Homebase, The Fragrance Shop, Jollyes – The Pet People, and Hype clothing.”

Behind ‘Buy Now, Pay Later’ U.S. Boom, Federal Regulator Looms


“As more Americans are expected to purchase gifts through buy now, pay later services this holiday season, the nation’s consumer finance watchdog can turn to tools in existing law to soften the edges of the largely unsupervised industry. Despite calls for specific new regulations, buy now, pay later businesses—which boomed in popularity since the start of the pandemic—already must abide by federal and state fair lending, credit reporting, and anti-money laundering laws. The Consumer Financial Protection Bureau’s pending payday lending rule could also be invoked.”

‘Buy now, pay later’ group Affirm backs tougher rules for ‘wild west’ market


“The ‘buy now, pay later’ credit industry would benefit from more regulation to help standardise an increasingly crowded market, the chief executive of US consumer lender Affirm has told the Financial Times. BNPL soared in popularity during the pandemic by offering customers the option of paying for online shopping in instalments. This has helped fintechs such as Affirm report triple digit per cent growth in balance sheet assets while many traditional lenders have struggled to expand their loan books.”

November 24, 2021

On the wires

Afterpay Debuts “Buy Now, Pay Later” Subscriptions In the U.S.

Afterpay (ASX:APT), the leader in “Buy Now, Pay Later” payments, today announced its subscription solution – giving U.S. consumers the ability to pay for their favorite recurring purchases in installments.  Merchants including IPSY, BoxyCharm, Savage X Fenty and Fabletics will be amongst the first to offer Afterpay’s subscription payments, which will be available to customers early next year.”

November 23, 2021

On the wires

Klarna Supercharges US Offering With Launch of ‘Pay Now’ Option and Klarna Card

Klarna , a leading global retail bank, payments and shopping service, today announced the addition of ‘Pay Now’ to its range of payment services in the US. This will enable consumers to pay immediately and in full at any online retailer where Klarna is available, with the same seamless payment experience whether they choose to pay now or later. Additionally, the company will also very soon introduce the Klarna Card to the US market, bringing Klarna’s popular interest-free Pay in 4 service to a physical card format.”

November 19, 2021

On the web

‘Criminals Love Buy Now, Pay Later’: How Fraudsters Exploit Popular Interest-free Payment Plans


“Buy now, pay later services aren’t just popular among consumers. They’re also proving to be a hit with criminals. Fraudulent activity is on the rise at some of the largest buy now, pay later (BNPL) platforms in the industry, which include Klarna, Afterpay and Affirm , according to fraud experts who spoke with CNBC.   BNPL products let shoppers split the cost of their purchases over three or four months, often interest-free. They’ve become massively popular in the U.S. and Europe, and generated almost $100 billion in transactions globally in 2020 alone.”

November 12, 2021

On the wires

Klarna Expands Flexible Payment Solutions, Launching First Pay in 4 Subscription Service in the US

Klarna , the leading global retail bank, payments and shopping service, today announced it is expanding its solutions for US consumers and retailers by offering flexible payments for subscriptions, one of the fastest growing and largest sectors of the Services economy.  The first-of-its-kind offering in the US provides consumers with a more convenient, transparent and affordable way to pay and manage quarterly and annual subscriptions, memberships, and more, by allowing them to spread their purchases into 4 interest-free payments and track everything in the Klarna app.”

November 10, 2021

On the wires

Mastercard Installments BNPL Program Gains Momentum

“Mastercard today announces further expansion of Mastercard Installments , its unique Buy Now Pay Later (BNPL) program that delivers greater choice of flexible, digital-first payment options at checkout, both in-store and online. In the U.S., American Airlines, CSI, Fiserv and TSYS, a global payments company, will work with Mastercard and the already diverse and dynamic array of participants in the program. In Australia, BNPL players hummgroup and Limepay are embracing the benefits of adopting Mastercard’s innovative open loop model.”

November 9, 2021

On the web

Pub Now, Pay Later: Afterpay’s Move Into Australian Dining Venues Sparks Debt Concerns

the Guardian

“The expansion of Afterpay and other buy-now-pay-later products into pubs and restaurants could lead to bigger debts for people already struggling financially, consumer advocates warn. Concerns were raised last week after news that pub giant Australian Venue Co had partnered with buy-now-pay-later (BNPL) monolith Afterpay to roll out the facility in the 160-plus venues it operates nationally.”

‘Buy Now, Pay Later’ Giant Klarna Launches in Irish Market

The Irish Times

Klarna Bank , the Swedish payments company, has officially launched in the fledgling ‘buy now, pay later’ (BNPL) market in the Republic, aiming to take advantage of the surge in online shopping that has been turbocharged by the Covid-19 pandemic. It comes four years after the fintech first signalled its interest in establishing a presence in the Republic, now its 18th market.”

November 5, 2021

On the web

The Hidden Costs of ‘Buy Now, Pay Later’ Loans

NBC News

“Hundreds of customers have filed complaints with agencies that report to the Consumer Financial Protection Bureau detailing frustrations with continued charges for returned items and surprise fees after using BNPL loans to make purchases. At the Better Business Bureau, hundreds of shoppers have complained they continued to be charged for purchases they returned or were hit with unexpected fees.”

November 4, 2021

On the web

Zip Adds a WebBank-Issued Card to Its BNPL Roster

Digital Transactions

“Zip Co. Ltd. launched the Zip Card, a physical card to complement its virtual card in the highly competitive buy now, pay later arena. The new card, to be issued by WebBank, a Salt Lake City-based industrial bank that works with brands like Dell Financial Services, CAN Capital, Klarna, Fingerhut, Shopify, and Toast, is not a credit card, Zip says.”

November 3, 2021

On the wires

November 1, 2021

On the wires

October 28, 2021

On the wires

Zip and Blackhawk Network Partner to Increase Acceptance of Buy Now, Pay Later Online and In-Store

“The partnership will integrate Blackhawk’s branded payments network to more than 5 million Zip app users, allowing them to purchase gift cards within the Zip platform. Additionally, Zip’s Pay in 4 product will be available as a payment method to purchase gift cards at GiftCards.com, GiftCardMall.com, and through Blackhawk’s first-party platform which currently services over 500 leading merchants, extending the ability for consumers to Buy Now, Pay Later across these gift card marketplaces. This partnership means that consumers can now access Zip’s flexible payment options in a convenient gift card format, giving them even more options to pay in their preferred way.”

October 27, 2021

On the wires

Affirm and American Airlines Partner to Bring Travelers a New Flexible Way to Pay

Affirm (NASDAQ: AFRM), the payment network that empowers consumers, today announced that through its partnership with American Airlines, eligible travelers have added flexibility to purchase flights and pay over time with Affirm. Affirm is bringing this added flexibility to American Airlines customers just in time for holiday travel season. According to the latest Affirm Consumer Spend Report, more than half of consumers would rather take a getaway than have a traditional family get-together this holiday season.”

Visa Helping Fuel ‘Buy Now, Pay Later’ Growth Around the World

“In North America, Visa is collaborating with Canada’s Moneris , and working with CIBC , Commerce Bank , Desjardins Group (Desjardins) , Equinox Payments , i2c , ScotiaBank and Versapay . In Asia Pacific, following the recent launch with HSBC , Visa is rolling out installment programs with ANZ , GHL Systems Malaysia and Quest Payment Systems . And in Russia, Visa has partnered with Home Credit Bank and Russian Standard Bank . Visa is also working with Cybersource , FIS , Global Payments and TSYS, a Global Payments company, in several markets across the globe to enable the Visa Installments Solution. The global rollout of Visa Installments Solution complements Visa’s existing support of today’s leading BNPL fintechs, including: Afterpay , ChargeAfter , Klarna , Paidy , Sezzle , SplitIt and Zip .”

October 26, 2021

On the web

On the wires

Amount and Marqeta Announce First Virtual Card and Loan Origination Partnership to Help Banks Accelerate Buy Now Pay Later

Amount , a leading technology provider for financial institutions, and global modern card issuing platform Marqeta (NASDAQ: MQ ) announced today the first virtual card and loan origination partnership to help banks rapidly enter the buy now, pay later (BNPL) space. The partnership alleviates the digital tools gap that prevents many banks from entering the BNPL space, allowing them to go to market in months with a BNPL offering and virtual card that drives revenue, captures market share and increases loyalty online and in-stores.”

October 25, 2021

On the web

Buy now/pay later ‘is not a threat’ to credit cards: Amex CEO

American Banker

“American Express is aggressively pursuing younger consumers, but unlike many of its rivals , it is not making point-of-sale installment lending and cryptocurrency a focal point of this effort. “Buy now/pay later is not really a competitive threat to us,” Steve Squeri, Amex’s chairman and CEO, said during Friday’s earnings call. “It’s targeted at debit card issuers. As a customer acquisition vehicle it’s not the game we’re playing.”

Billie, a Buy Now, Pay Later Specialist for the B2B Market, Raises $100M on a $640M Valuation


“Buy now, pay later services like Affirm, Klarna, Afterpay and many others have seen their businesses grow in huge leaps, as consumers buying goods increasingly turned to alternatives to credit to delay paying for them in full. Now a Berlin-based startup called Billie that has built a similar service — but specifically targeting B2B transactions — is seeing a lift of its own boat from that rising tide.”

On the wires

Alliance Data’s Bread, Sezzle Announce Strategic Partnership

Alliance Data Systems Corporation (NYSE: ADS ), a leading global provider of data-driven marketing, loyalty and payment solutions and Sezzle Inc. (ASX: SZL), a top-rated, purpose-driven buy now, pay later (BNPL) solution, today announced that Alliance Data’s Bread business will offer its pay-over-time installment loan product through Sezzle’s merchant network. Through the integrated partnership, Sezzle will leverage Bread’s deep underwriting and installment loan product to reach more customers buying big-ticket items, while offering a comprehensive product suite to its merchant partners.”

October 21, 2021

On the web

Klarna to Offer Buy-Now-Pay-Later Option on Wix Websites


“Sweden’s Klarna Bank AB said Thursday that it has signed a strategic partnership with Israeli cloud-based website development platform Wix.com Ltd. The buy-now-pay-later payments specialist said that with the deal Wix eCommerce merchants across 17 countries can accept payments from their customers with Klarna. Wix merchants will be able to offer Klarna’s Pay in 4 and Pay in 3 solutions that enable shoppers to split their purchases into interest-free payments over time, while retailers get paid upfront and in full.”

October 18, 2021

On the wires

Klarna Expands and Strengthens UK Offering Including Launch of ‘Pay Now’ Immediate Payments

“Klarna, the leading global retail bank, payments and shopping service, today announces a package of changes to expand and strengthen its UK offering to give consumers more choice, clarity and control over how they pay. ‘Pay Now’ ensures UK consumers can always pay immediately and in full, wherever Klarna is available, with the same payment experience whether they choose to pay now or later.”

October 13, 2021

On the web

October 12, 2021

On the wires

Splitit Brings Installment Payments to Discover Global Network Cardholders

Splitit (ASX:SPT), the company empowering consumers to use their existing credit to spread payments over time, can now offer its installment payments options to Discover Global Network Cardholders worldwide. The addition of Discover, Diners Club International and network alliance cards to the installment payment platform brings another major global card scheme to its growing portfolio of payment partners.”

October 7, 2021

On the wires

Klarna and FreedomPay Partner to Provide Stores Across the United States a Modern Payments Makeover Ahead of the Holidays

FreedomPay , a leading consumer-centric commerce platform, today announced an integration with Klarna , the leading global retail bank, payments and shopping service. Starting today, FreedomPay’s US merchants can offer Klarna’s flexible, interest-free payment solutions at checkout in-store, maximizing sales and bringing added ease and convenience to shoppers across America ahead of the most anticipated shopping season yet.”

Visa Installments Expands to Australia, Offering a New Way to Buy Now, Pay Later

“isa (NYSE: V), the world’s leader in digital payments, today announced the expansion of Visa Installments in Australia in partnership with ANZ, one of the country’s largest financial institutions, and merchant payment provider Quest. The Visa solution lets Australian shoppers access popular “Buy Now, Pay Later” (BNPL) financing via their existing ANZ credit cards, during checkout and without any extra steps.”

October 6, 2021

On the web

Target Adds ‘Buy Now Pay Later’ Options With Affirm and Sezzle Ahead of Holiday Shopping Season


Target is the latest retailer to jump on the “buy now, pay later” bandwagon. Ahead of the busy holiday season, Target is offering shoppers additional ways to pay for their purchases with new installment plans from Affirm and Sezzle, the retailer told USA TODAY exclusively Wednesday. Installment plans, which are beginning to replace traditional layaway plans, are increasingly popular with retailers. Amazon and Walmart have adopted them, as have Macy’s and Bed Bath & Beyond. Newer entrants include Paypal, which bought Paidy, and Square, which bought Afterpay.”

September 28, 2021

On the wires

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