“In buy now pay later venture Klarna’s interim report, covering January to June 2021 and published this week, Chief Executive and Founder, Sebastian Siemiatkowski, claims that credit cards drive economic inequalities…It’s a point of view that doesn’t sit well with the folks at money.co.uk, an online comparison service that allows people to compare financial products. “There’s no doubt that problem debt can cause misery and worse to people trapped in a cycle of ever bigger repayments,” says Senior Editor James Andrews. “But what’s harder to see is how Klarna is the answer to that. People who can’t afford to repay aren’t exactly welcomed by the lender, and those that can repay on time see very little benefit for the loss of an awful lot of privileges.””

“Swedish payments firm Klarna said on Wednesday it would continue to enter new markets, as it reported a jump in transactions using its platform in the second quarter. The “buy now, pay later” company, which is expected to make its stock market debut in the coming months, said the number of users in the United States grew by 3 million to 20 million. Klarna, which is currently active in 17 countries, said it saw growth in all its key markets and would keep up expansion.”

“Afterpay (ASX:APT), the leader in ‘Buy Now, Pay Later’ payments, today introduced its new merchant analytics platform, Afterpay iQ. With this powerful new tool, brands gain access to valuable customer-centric analytics to help optimize investment and drive growth.”

“PayPal Holdings Inc (PYPL.O) will no longer charge customers late fees when they miss payments on buy now, pay later (BNPL) purchases globally, as competition heats up in the fast-growing sector. The changes will be effective from October in the United States, the United Kingdom and France, the San Jose, California-based company said on Wednesday. PayPal’s BNPL services in Germany and Australia are already free of late fees.”

“i2c , a leading global provider of payments processing technology and digital banking solutions, today announced they are working with Visa , the world’s leader in digital payments, to launch point of sale installments capabilities for their participating issuers in North America. Through this new collaboration, issuers and participating merchants can have an accelerated path to Buy Now Pay Later (BNPL) promoting a consistent cardholder experience.”

“Veem, a leading provider of online payment solutions, has released two new Veem Capital products to help small and medium-sized businesses ramp spending for their operations. Veem has released Pay Later and Pay with Card products that are designed to provide business owners the opportunity to allow greater control of cash flow and more financial freedom in order to take the proper steps to ignite their business growth.”

“Petco Health and Wellness Company, Inc. (Nasdaq: WOOF ), a complete partner in pet health and wellness, and Klarna , a leading global retail bank, payments and shopping service, are partnering to offer Klarna’s Pay in 4 solution on petco.com, across Petco’s nearly 1,500 pet care centers nationwide, and the Klarna app. The new payment option makes caring for the whole health of pets more accessible and flexible, giving pet parents the option to split their purchase into four interest-free payments spread over the course of six weeks.”

“The payment niche may be ‘too small’ to regulate , but it hasn’t stopped all and sundry from squeezing in as Citibank gets ready to dive into buy now, pay later. The $192 billion bank revealed on Wednesday it will trial its long-awaited BNPL feature in Australia in October, with a view to roll it out globally later. Called Spot, the bank will split purchases of up to $1,000 into four fortnightly repayments and will be accepted everywhere Mastercard is available.”

“Apple is teaming up with the popular “buy now, pay later” service Affirm to expand financing options for iPhone, iPad, and Mac buyers in Canada. According to a new report from Bloomberg , Apple will launch this program in Canada sometime this month at online and physical retail stores…The report adds that the program will be powered by PayBright, which is a Canada-based “buy now, pay later” service that was acquired by Affirm last year for over $260 million.”

“BigCommerce (Nasdaq: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established brands, today announced fintech company Sezzle Inc. as a new preferred buy now, pay later (BNPL) partner. Small and mid-market BigCommerce merchants will now have the ability to offer interest-free payment plans that support smart, risk-free shopping for consumers, including high-risk borrowers and younger shoppers looking to build credit and buy with a purpose.”

“Visa ( V ) is venturing into the domain of rivals such as PayPal Holdings ( PYPL ) by creating so-called buy-now-pay-later installment payment services for its credit card-issuing customers, the company says. The news comes as Visa stock has been in or near a buy range of late, as has PayPal stock. Visa is quietly rolling out pilot buy-now-pay-later services, also known as BNPL, in the U.S., Canada, Russia and Malaysia. The credit card giant has set up a BNPL website for credit card issuers — mainly banks and credit unions as well as financial technology companies — that use its payment network.”

“A majority of U.S. consumers in all age groups—76%—would like to decrease their use of credit cards as they seek to avoid debt, are wary of their ability to pay off their balances each month, and have concerns about making the minimum payments, according to a survey from GoCardless Ltd., a London-based recurring-revenue specialist…What do they want to use instead? Debit cards and no-interest installment payments found a lot of favor. In the 18-25 age group, 89% would rather use a debit card as would 87% in the 25-40 group. That dips to 54% for those 57 or older. Regardless of age group, 78% would choose a debit card instead of a credit card.”

“Super app Grab has boosted customers’ buy now, pay later (BNPL) choices in Singapore and Malaysia by expanding its partnership with payment company Adyen . The announcement comes as the region sees increased transactions through deferred payments, with buyers opting to pay installments interest-free through platforms rather than use credit cards for purchases.”

“Sezzle Inc. (ASX: SZL) (Sezzle or Company) // – Sezzle , a purpose-driven payments company, today announces the upcoming launch of ‘Sezzle Capital’, a program enabling retail partners with working capital up to US$10 Million. Powered by Wayflyer , a hassle-free, flexible funding platform, Sezzle Capital provides merchants with a bridge to fast, affordable, unsecured funds. The new program solves the difficult task eCommerce businesses have in sourcing working capital. With higher approval rates than traditional lending and simple pricing models, Sezzle Capital will extend its mission of financial empowerment to eCommerce businesses.”

“Afterpay Australia Pty Limited today announced key details of its new money and lifestyle app Money by Afterpay (“Money app”) which will begin its roll out today with an Australian staff pilot. The Money app will mark the debut of Afterpay’s collaboration with Westpac just ten months after it was announced, setting the scene for a full Australian customer launch in October 2021.”

“PayPal Holdings Inc’s (PYPL.O) new “buy now, pay later” offering in Australia will not charge late payment fees, the U.S. payments giant said on Wednesday, as it attempts to edge past main industry rival Afterpay (APT.AX) in the country. The U.S. company’s interest-free BNPL option in Australia, known as “PayPal Pay in 4″, launched last month, has lowered its minimum purchase value to A$30 ($22.44) from A$50, it added.”

“Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the “buy now, pay later” offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc. The upcoming service, known internally as Apple Pay Later, will use Goldman Sachs Group Inc. as the lender for the loans needed for the installment offerings, according to people with knowledge of the matter. Goldman Sachs has been Apple’s partner for the Apple Card credit card since 2019, but the new offering isn’t tied to the Apple Card and doesn’t require the use of one, said the people, who asked not to be named discussing unannounced products.”

“Buy now/pay later has become one of the hottest fintech categories for investors, though data suggests many consumers aren’t using it regularly, are worried about taking on too much debt and in many cases don’t even know the product exists. Research from PayPal and BigCommerce, an e-commerce platform for merchants that offers BNPL through a partnership with PayPal, found that only one in five U.S. merchants offers BNPL.”

“There may be few businesses more excited about the prospect of a post-COVID era than those in the travel industry – which makes the news of a collaboration between U.K.-based Fly Now Pay Later and BaaS provider Cross River Bank all the more musical to homebound ears. The partnership will enable Fly Now Pay Later to leverage Cross River Bank’s FDIC license to offer its travel financing solution in the United States. The company’s financing solution, available at checkout as well as via the Fly Now Pay Later’s Anywhere app, will enable U.S. travelers to book trips and spread the cost of travel over time.”

“Splitit (ASX:SPT), the company empowering shoppers to use their credit cards to pay in installments, announced today it is bringing its installment payments to in-store retail locations worldwide. Splitit InStore also includes Apple Pay and Google Pay to deliver an effortless in-store payment experience. Splitit InStore was built to meet the needs of the retail sales associate to deliver a better customer experience at a time when retailers are also thinking about how to optimize their omnichannel strategy.”

“Sweden’s financial watchdog is investigating whether buy-now-pay-later (BNPL) fintech Klarna violated bank secrecy laws following a security breach in May. The Finansinpeltionen (FI) announced the probe following the May 27 incident where users were able to access information on other customers for a limited time.  The investigation will add to ongoing consulation launched in March between FI and Klarna over the latter’s information and cyber security practices.”

“Their parents got into themselves into trouble by racking up debt before the 2008 great financial crisis. Gen Z consumers learnt from those mistakes. They are savvy shoppers — and financially prudent, shunning credit cards. How will this generation shape the future of commerce? What are their values? What can brands do to earn their trust?”

“Afterpay (ASX:APT), the leader in “Buy Now, Pay Later” payments, today announced it has vastly expanded Pulse Rewards, its unique loyalty program that recognizes members for paying on time. Under the new Pulse Rewards, Afterpay customers can unlock benefits through a points system that makes the experience more rewarding and fun. Additionally, a newly-designed Pulse Rewards dashboard within the app helps customers track their payment stats, and allows them to choose when, where and how to use their rewards.”

“Global embedded business finance platform Liberis has today announced it has been selected by Klarna , the leading global payments and shopping service, for a strategic collaboration to provide additional financial services to Klarna merchants. Through this partnership, Liberis will initially provide revenue-based financing to Klarna merchants. Klarna, one of Europe’s most valuable private technology companies, provides 250,000 merchants in 17 countries with a checkout and payment suite that enables their consumers to “buy now and pay later”. Now, through Liberis, Klarna can also offer its merchant partners flexible financing solutions, pre-approved with fair and equitable payment terms that are based on their revenues and actual transactions.”

“Citi Australia will launch a buy now, pay later business run through a Mastercard proposition that will take on Afterpay and Zip by undercutting the established players’ merchant fee charges. Citi Australia is adding the buy now, pay later leg to its offering after developing a popular deferred payments system available to its credit card customers, which has allowed consumers to divvy up significant purchases made on larger, traditional lines of credit.”