Home

Tags

BNPL

BNPL news and archive

UK government sets out BNPL regulation plans

The UK government has outlined a draft legislation that looks to regulate ‘buy now, pay later’ (BNPL) credit after it determined the sector could be harmful to consumers. Currently, BNPL remains largely unregulated in the region, offering interest-free short-term loans on a range of products without thorough affordability checks. The new...

16 Feb 2023

Business

Frasers Group reportedly looking to launch BNPL scheme

Fashion conglomerate Frasers Group has reportedly set its sights on adding a new financial service to its already expansive portfolio. Under its new boss Michael Murray, the group is said to be preparing to launch its own Buy Now, Pay Later (BNPL) scheme, which could allow buyers to borrow up to 2,000 pounds. According to The Telegraph, the...

30 Jan 2023

Business

BNPL provider Afterpay partners with Sephora

Sephora is set to join the growing number of retailers introducing the flexible ‘Buy Now, Pay Later’ (BNPL) service to their platform in a new partnership between Afterpay and the beauty retailer. The omnichannel platform will now allow customers to pay in four instalments when shopping through Sephora’s website in the US, building on its goal...

14 Jul 2022

BusinessFeatured

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...

12 Jul 2022

BusinessFeatured

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...

24 May 2022

Business

Barclays calls for more regulations on BNPL payments

British banking firm Barclays has expressed its concern regarding Buy Now, Pay Later (BNPL) products following new reseach that suggested the lack of assessment regarding the payment option has negatively effected customers. The study by the bank found that many consumers taking out BNPL contracts were not in the financially stable position to...

14 Feb 2022

RetailFeatured

Klarna launches physical payment card in the UK

Buy now, pay later payment firm Klarna has launched a physical payment card that can be used for in-store payments in the UK. The card will allow consumers to pay with Klarna’s ‘Pay in 30,’ meaning anytime up to 30 days after purchase. With additional payment options to be added in the future. The global banking, payments and shopping service...

26 Jan 2022

Retail

Harrods announces partnership with Klarna for more flexible shopping

Payment provider Klarna has partnered with luxury retailer Harrods to bring its flexible payment options to Harrods Knightsbridge, H Beauty and its online stores. In-store shoppers will now be able to use Klarna’s ‘Pay in 3’ payment option for beauty purchases at the retailer’s Beauty Hall, as well as throughout its H Beauty stores in Essex and...

7 Dec 2021

Retail

Clearpay adds reward scheme for customers who pay on time

Clearpay, the ‘buy now, pay later’ payments service known as Afterpay outside the UK and Europe, has launched a new loyalty programme that aims to encourage responsible spending by rewarding customers who pay back on time. Pulse Rewards will benefit customers who pay back on time for purchases of 25 pounds or higher. Offering them exclusive...

6 Jul 2021

Retail

Klarna offers interest-free shopping to all online retailers

Global banking, payments and shopping service Klarna has launched a new shopping feature that allows customers to pay in instalments at any retailer, even if it does not offer the service. Through the new shopping app feature, customers can shop at any online retailer and use Klarna’s pay-in-3, spreading out payments through three-interest free...

8 Jun 2021

Fashion

Why Fashion brands should see ‘BNPL’ as a key driver for growth

Hesitant to add BNPL to your checkout? Think again. In the world of payments, there is no faster growing payment method than Buy Now, Pay Later (BNPL) services: consumers’ demands for flexible ways to shop and pay online are bigger than ever. And brands can leverage consumers’ increasing demands for BNPL services for growth: offering flexible...

29 Apr 2021

Business

Charities in the UK share concerns about buy-now-pay-later schemes

Citizens Advice, a UK-based network of legal, money and consumer groups, has recently sounded the alarm regarding Buy-now-pay-later (BNPL) schemes, saying that many users were getting into debt and struggling to pay for food and bills. In a recent research, Citizens Advice found that It found that 45 percent of 18-to-34 year olds have used the...

23 Apr 2021