buy now pay later

Apple on Tuesday launched its "buy now, pay later" (BNPL) service in the US, a move that threatens to disrupt the fintech sector dominated by firms like Affirm Holdings and Swedish payments company Klarna.The service, Apple Pay Later, will allow users to split purchases into four payments spread over six weeks with no interest or fees, the company said. It will initially be offered to select users, with plans of a full roll-out in the coming months.Users can get loans between $50 (roughly Rs. 4,000) and $1,000 (roughly…

Some of Southeast Asia’s largest internet companies are trying to boost their revenues with an old-fashioned business: lending. Some of Southeast Asia’s largest internet companies are trying to boost their revenues with an old-fashioned business: lending.…

The British bank said that Virgin Money will enter the fast-growing "buy now, pay later" market, joining other mainstream lenders pushing into the lucrative but sometimes controversial business. Virgin will offer a credit card that allows customers to spread repayments over a number of months, it said, with instalment fees added if they repay in nine months or longer. 'Buy now pay later' products have soared in popularity in recent years with customers buying anything from clothes to electronic gadgets, but have attracted…

The Reserve Bank of India (RBI) this week issued a notice to all non-bank prepaid payment instrument (PPI) issuers in the country to restrict them from loading instruments including prepaid cards using credit lines. The move is believed to have impacted a number of fintech firms including Uni, Slice, and KreditBee that issue cards along with credit lines to substitute traditional credit cards. Some of the potentially affected companies even halted transactions on their platforms on a temporary basis.Here are the 10…

Reduced consumer spending, rising interest rates and trickier credit conditions spell trouble for Buy Now Pay Later lenders, raising the prospect of consolidation in the sector.Buy Now Pay Later (BNPL) firms have created one of the fastest-growing segments in consumer finance, with transaction volumes hitting $120 billion in 2021 up from just $33 billion in 2019, according to GlobalData.The BNPL business model emerged out of a very low interest rate environment which enabled BNPL firms to raise funds at relatively low…