Buy Now Pay Later news and archive

UK to enact new regulations on ‘wild west’ BNPL industry

The UK government has outlined plans to regulate the operations of buy now, pay later (BNPL) firms as it aims for more transparency among the industry. The HM Treasury said BNPL firms will need to follow “consistent standards”, including upfront checks, to ensure shoppers can repay what they borrow. The plans also detail “fairer and faster...

Member

Business

Afterpay merges with Cash App and rebrands

Buy now, pay later (BNPL) payment service Afterpay is merging with Cash App, the US money app, to become Cash App Afterpay, expanding access to its pay-in-4 product to more merchants in the US and accelerating its growth in the region. Both fintech companies are part of Block Inc. and the move will allow eligible Cash App customers to have...

Member

Business

Buy Now Pay Later surged during holiday spending

According to the most recent Adobe Analytics report, online holiday sales in the United States reached a record-breaking 222.1 billion dollars between November 1st and December 31st, marking a 4.9 percent increase from the same period in 2022. The surge in e-commerce purchases was significantly aided by the popularity of Buy Now, Pay Later...

Featured

Retail

Online inflation sees biggest YOY fall since March 2022

The Adobe Digital Economy Index has released new data revealing that UK online spending in August reached 9.43 billion pounds, marking a slight year-on-year decrease of 1.3 percent and a 3.5 percent drop compared to July. Brits eagerly embraced a September heatwave with online prices seeing a significant 6.2 percent year-on-year decline, the...

FeaturedMember

Business

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...

Member

Business

UK government to implement stricter BNPL rules

The UK government has revealed it is planning to implement stricter rules on ‘buy now, pay later’ (BNPL) services in order to improve the protection of the payment option’s users. The move comes as concern around BNPL grows alongside the ongoing ‘cost of living’ crisis, which has continued to worsen in the region. The proposal will require...

Member

Business

PayPal expands ‘buy now pay later’ offering

Payment provider PayPal has announced a new Pay Monthly offer, providing US customers with a further ‘buy now pay later’ option for more flexibility. The offer allows customers to make large purchases between 199 dollars and 10,000 dollars, breaking the total cost into monthly payments over a six to 24 month period. On selection, customers will...

Member

Business

Apple to launch Buy Now, Pay Later service

Apple on Monday announced it will expand its Apple Pay services with a buy now, pay later (BNPL) option. Called Apple Pay Later, the financial service allows users to split purchases into four equal payments over six weeks without interest or late fees. Apple announced the move at its latest Worldwide Developers Conference. Apple Pay later is...

Retail

Clearpay’s in-store payment feature now available to SMBs

Clearpay has announced that it has made its in-store payment option available to small and medium sized businesses (SMBs) across the UK in order to support in driving more footfall and sales. The ‘Buy Now, Pay Later’ provider began offering its ‘pay in 4’ service to large merchants back in November 2021, allowing customers to opt for flexible...

Fashion Partner Content

How to Boost Online Fashion Sales using Buy Now Pay Later

With so many options available for online shopping, offering the right payment options can be exactly what set you apart from the competition. Read on to figure out what Buy Now, Pay Later option is and how it can help bolster your online fashion sales. In 2021, the fashion sector was reported to have the third-highest cart abandonment rate of...

FeaturedMember

Business

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...

Featured

Retail

Klarna launches virtual shopping experience

Payment provider Klarna has announced the launch of a Virtual Shopping offering, allowing customers to browse and buy products through live chats and video calls. Utilising Klarna’s Store App, in-store experts will be able to connect with shoppers online, with the option to provide demonstrations on items and share photos of products with app...