“The Consumer Financial Protection Bureau’s recently announced inquiry into the operations of buy now/pay later fintechs raises many questions about how the rapidly growing industry’s policies affect overall consumer debt. But the CFPB’s probe could also end up spotlighting the very reasons consumers have flocked to simpler BNPL loans over the last few years, putting pressure on credit card issuers to modernize their own products.”

“New research by financial advice service OpenMoney finds almost three fifths (57%) of adults aged 18 to 50 have now used buy now, pay later schemes (BNPL), up from half (49%) last year. The largest rise in usage has been among 45 to 50-year-olds, where 16% growth in the last year makes it the age group most likely to choose the payment method, with 58% having done so compared to 56% of those aged 18 to 24 – contradicting the belief that it is largely a tool for youngsters.”

“From today, Amazon customers in the UK will have access to a new, flexible payment method – Instalments by Barclays, helping them to finance purchases of £100 or more on amazon.co.uk. The reusable credit account can be used on millions of products, including those from thousands of small and medium businesses selling on Amazon. With Instalments by Barclays, customers will have greater flexibility to pay for their purchases, with financing options available on terms between 3 – 48 months.”

“The CFPB plans to ask the big players in the buy now, pay later industry for information about consumer protection concerns that have arisen about the burgeoning product. The Consumer Financial Protection Bureau is expected to send letters to Affirm, Afterpay and Klarna and other companies that dominate the market, according to multiple sources with knowledge of the letters. The letters are expected to demand information similar to ones the bureau sent to large tech players like Apple Inc., Amazon Inc., and and Google in October. The CFPB didn’t immediately respond to a request for comment. Buy now, pay later …”

“Klarna, a leading global retail bank, payments and shopping service, today announced that it has chosen GoCardless, a global leader in account-to-account payments, to offer bank debit payments to its over 21 million US customers. Klarna will use GoCardless for its popular Pay in 4 offering and its financing solution, creating a more convenient shopping experience for consumers. Klarna users can pay in four interest-free installments when choosing Pay in 4, as well as across monthly payments with Klarna financing. These alternatives for purchases reduce the risk of failed or late payments and remove the hassle of entering and updating card details.”

“Resolve announced today that it has raised an additional $25 million in strategic equity funding to meet rising demand from business-to-business (B2B) companies seeking to simplify their net terms payments and embed B2B buy now, pay later (BNPL) solutions into their payment workflows. Launched as a spinout from Affirm in 2019, Resolve previously announced a combined $60 million asset and equity financing in early 2021.”

“Fintech startup Klarna is launching a desktop browser extension that provides many of the features that you can find in the company’s mobile app — but on your computer. In addition to the ability to manage your Klarna payments, the extension automatically applies coupon codes when you’re on a checkout page. Klarna has acquired Piggy for the automatic couponing feature. Piggy originally built a browser extension that surfaces coupons and cashback offers when you purchase something — FinanceFWD first reported the acquisition and Klarna isn’t disclosing the terms of the deal.”

“Affirm , the payment network that empowers consumers and helps merchants drive growth, today announced a set of updates to the Affirm App that bring consumers increased flexibility and purchasing power. Previously, consumers could use the Affirm App to shop online or in-store at virtually any retailer and pay over time — biweekly or monthly. With these updates to the Affirm App, consumers now also have the option to pay in full upfront at hundreds of merchants while earning rewards in the process, thanks to Affirm’s new Cash Back Rewards program.”

“UK-headquartered Buy Now, Pay Later (BNPL) Fintech Butter is planning to compete with and potentially replace traditional credit cards with the introduction of its own BNPL card. Although 65% of UK consumers carry credit cards, the number being issued has declined by around 3% during the past year, meanwhile, the value of consumer purchased products on credit has fallen. And the fast-evolving BNPL sector – although still a lot smaller than conventional credit cards – has experienced steady growth.”

“Citizens will provide broad point-of-sale financing for Microsoft Store as part of a newly expanded relationship with the global technology leader. Customers now have access to no-interest financing across all Microsoft hardware, accessories and subscription services purchased through microsoft.com in the U.S. through the bank’s innovative Citizens Pay platform, offering an alternative way to finance products such as the new Surface Pro 8, Surface Duo 2, Windows 11 PCs, and Xbox consoles, games, and subscriptions.”

“Use of BNPL poised to grow this holiday season, according to a recent CNBC survey. Seven percent of shoppers said they will be using BNPL for holiday purchases this year, according to the CNBC/Momentive Small Business Survey for Small Business Saturday. The survey was conducted by Momentive from Nov. 10 to Nov. 12 and included 2,744 respondents.”

“Afterpay (ASX:APT), the leader in “Buy Now, Pay Later” payments, and Rakuten , the leading shopping rewards and cash back program, are joining forces to help consumers shop smart and spend wisely. With this partnership, retailers can combine the incentive of cash back with the flexibility and convenience of Buy Now, Pay Later to help shoppers ease the financial stress on their wallets this holiday season.”