Credit, Collections & Insolvency News
The government has announced its intention to regulate interest-free Buy-Now Pay-Later (BNPL) products. The government consulted on policy options to deliver a proportionate approach to regulation in October 2021, followed by a consultation response in June 2022. It is now consulting on the proposed draft legislation that will bring BNPL into Financial Conduct Authority regulation.…
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Consumers Spent £8 billion online in January whilst the use Use of Buy Now Pay Later (BNPL) rose to 12% according to research by Adobe analytics The data shows that UK consumers spent £8 billion online in January, 26.7% less than in December 2022, and a year-on year decrease of 1.4%. It also identified an…
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Over a third (34%) of UK shoppers have now used Buy Now Pay Later (BNPL) services to spread the cost of purchases1, and thousands chose to use BNPL for the first time over the 2022 festive season. That’s according to the latest BNPL Barometer from Equifax, one of the UK’s big three credit reference agencies.…
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Trade credit insurance specialist Allianz Trade, business-to-business (B2B) e-commerce payments platform, Two and Santander Corporate & Investment Banking (CIB), have partnered to provide the first global business-to-business (B2B) Buy Now Pay Later (BNPL) solution for large multinational corporates. This is the first partnership of its kind. The result is a game changer product for global online…
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The Financial Conduct Authority (FCA) has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated after finding that some lenders were using web adverts and posts from social media influencers that are breaking rules. The FCA also reminded the businesses that the financial promotions of all BNPL products…
Read moreA new study from Juniper Research has predicted that the number of BNPL (Buy Now Pay Later) users will surpass 900 million globally by 2027, increasing from 360 million in 2022. The research says that the substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost…
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Virgin Money has announced plans to enter the new buy now, pay later (BNPL) market later this year with a credit card product called Slyce. Virgin Money says that the product gives customers the flexibility to buy now, pay better, as customers can use Slyce for all their buy now, pay later spending (consolidating it all…
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New research from Credit Karma, consumers have spent over £5.6 billion using buy-now, pay-later (BNPL) services in 2022 so far, with an average spend of £396 per person. The research also found that BNPL has been a lifeline for 58% of the service users trying to manage the rising cost of living with the number of…
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Regulation of Buy Now Pay Later (BNPL) credit retail products could prevent up to 876,000 consumers from getting into unmanageable debt this year, according to new research from Barclays and StepChange. The study shows that the rising cost of living is having a direct impact on the popularity of BNPL purchases – over a third…
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The Government has announced new plans for the regulation of Buy Now Pay Later (BNPL). Under the new rules lenders will be required to ensure loans are affordable and rules will be amended to ensure advertisements are fair, clear and not misleading. The Government will expand rules to cover other forms of unsecured short-term credit…
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Apple has announced that it will launch its own Buy Now, Pay Later (BNPL) option. The iPhone maker’s Apple Pay Later service will allow users in the US to pay for purchases in four instalments over six weeks without being charged interest or other fees. The service will be available anywhere that accepts Apple Pay…
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Growth in consumer credit lending is being rapidly outpaced by the Buy Now Pay Later (BNPL) market according new research by Freedom Finance. Industry figures estimate that BNPL lending is likely to increase by 52% to well over £20 billion in 2022 compared to the previous year. The FCA estimates that the industry was worth £2.7…
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Buy now, pay later (BNPL) specialist, Klarna has announced that it will start reporting UK customer debts to credit agencies for the first time next month, in a move that could affect shoppers’ credit ratings from 2023. The move is understood to be the result of two years of talks with the credit reference companies…
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