Credit, collections & insolvency news
New research from TransUnion has found that nearly four in 10 (38%) adults are using buy now, pay later i(BNPL) when shopping online, which is consistent with the previous year. More than half (53%) of those that used buy now, pay later in the past 12 months spent a total of between £100 and £499…
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New research by Yapily has indicated that cost of living rise has driven a move for consumers to use buy now, pay later (BNPL) schemes rather than dipping into overdrafts The research found more than a quarter of consumers turned to buy now, pay later services in the past year compared with 18% who had used…
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Buy Now Pay Later (BNPL) popularity as an alternative payment option, has been highlighted by GlobalData’s latest report, revealing that the global transaction value for BNPL payments reached $120 billion in 2021, and is set to reach $576 billion by 2026. BNPL made up 2.3% of the global ecommerce market, or, in other words, for every…
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A new survey from UK fintech Pave shows the vast majority of Buy Now Pay Later (BNPL) customers are unclear about the impact of BNPL on their credit scores, leading to the majority of customers to say they were worried about its impact. The research found that 78% of respondents (18-44) who have used Buy…
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The Financial Conduct Authority (FCA) has announced that it has secured changes to potentially unfair and unclear terms in the contracts of buy now pay later (BNPL) providers Clearpay, Klarna, Laybuy and Openpay. The FCA says that it was concerned there was a potential risk of harm to consumers as a result of the way…
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New research has revealed that six out of ten credit card users don’t know how much interest they are charged, according to Yougov research commissioned by Klarna. In contrast, the research showed that consumers understand the headline terms and conditions of Buy Now Pay Later (BNPL) products better than they do credit cards. Having reviewed…
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Global information and insights provider TransUnion has announced it is set to accept Buy Now, Pay Later (BNPL) finance into UK consumer credit files, becoming the first credit reference agency in the UK to do so. Following extensive research and product innovation, buy now, pay later finance – also known as deferred payment credit –…
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New data has revealed that the majority of credit card users are planning to use Buy Now, Pay Later (BNPL) services this year. The survey, by Splitit, investigated credit card holders’ attitudes towards spending, specifically around BNPL. The data shows that over half of respondents (54%) are planning on using BNPL services in 2022, with…
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Global banking, payments and shopping service, Klarna has announced the launch of Klarna Card in the UK, which it says will give consumers with greater control, transparency and choice over how they pay. The new physical card will bring Klarna’s flexible and transparent payments experience to in-store payments anywhere where cards are accepted. The launch…
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The amount of Christmas shopping put on buy-now, pay-later (BNPL) rose by £1billion in 2021 according to new analysis by Credit Karma. The research found that as Banks and retailers continue to jump on the increasing popularity of the BNPL payment method, with its high approval rates, 52% of consumers view BNPL as ‘easy credit.’…
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