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The Latest Breaking News from BNPL

Klarna joins Laybuy and Clearpay in charging a fee to late payers

New £5 charge from March 16 will reduce the likelihood of borrowers falling behind, according to Klarna boss

Chronicle Live

Buy now, pay later regulation essential to protect young Australians from debt, experts say

Some estimates say 60 per cent of buy now, pay later (BNPL) users are aged under 35, but academics say the service has too few compliance checks and protections for young people.

ABC News

Buy now, pay later? Not so fast, as the government looks to tighten regulation by year's end

Millions of Australians have buy now, pay later accounts, but the easy credit may soon be harder to come by as the government vows to crack down on the industry by the end of the year.

ABC News

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Two week warning issued to anyone with a Klarna account as £5 fees are introduced

All Klarna users will be affected by the policy change which comes into place on March 16

Manchester Evening News

Klarna to start charging late fees from next month - what you need to know

From March 16, Klarna will be charging £5 to customers who miss their repayments and the move is a major shift by the buy now, pay later firm who has so far has not charged late fees in the UK

Daily Mirror

New buy now pay later regulations will be a wake-up call for lenders

City Comment: Some consumers don’t understand the potential dangerous implications of entering into multiple BNPL agreements

Evening Standard

Buy-now pay-later firms to face clampdown under new rules in the pipeline

Government criticised for the time taken to bring legislation to the table amid concerns over more people getting into debt

Chronicle Live

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Australia’s corporate watchdog joins calls for stricter regulation of buy now, pay later products

Asic raises concerns about missed payment fees and people giving up essentials to afford repayments

The Guardian - AU

Buy now, pay later firms set for major crackdown under new rules to protect borrowers

A new consultation has launched today and will look at how buy now, pay later (BNPL) products could be brought under Financial Conduct Authority (FCA) regulation

Daily Mirror

Crackdown on buy now, pay later schemes to protect 10 million shoppers

Klarna-style plans have ballooned since regulation all but killed off predatory payday loans

The Independent UK

Buy now, pay later businesses face clampdown under new government rules

Nearly £1 in every £8 spent online in January used buy-now-pay-later services

Evening Standard

New buy now pay later regulations ‘set to protect 10 million consumers’

'People should be able to access affordable credit, but with clear protections in place. That is why these proposed regulations are so important.'

Wales Online

Ministers launch long-awaited consultation on buy now, pay later firms

Government says new rules could help protect 10 million consumers from ‘unconstrained borrowing’

The Guardian - UK

Cost-of-living crisis drives vulnerable Australians to buy now, pay later schemes, consumer groups say

With more people taking out loans for daily expenses, advocates urge tighter regulation of BNPL sector

The Guardian - AU

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Kiplinger

What Is a Good Credit Score?

Having a good credit score can save you hundreds, even thousands of dollars on credit cards, mortgages and other loans.

The New Daily

How to recover from a festive season financial hangover

The holiday season comes with a flood of sales – but these specials could tempt cash-strapped Australians into financial distress.

The New Daily

Debt trap risks for those with multiple Buy Now Pay Later accounts

Buy now pay later companies are lending money to vulnerable Australians without knowing whether they hold accounts with multiple providers.

Newcastle Herald

How buy now pay later can be a Christmas gift that keeps on taking

University of Newcastle lecturer in sociology and member of the Newcastle Youth Studies Centre Dr Julia Cook said young people made up the majority of BNPL customers.

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The Conversation

90% of young people had financial troubles in 2022, and 27% used 'buy now, pay later' services

Buy Now, Pay Later (BNPL) services have dramatically changed the landscape of personal lending, largely by being easy to access and not charging interest – thus avoiding national credit laws.

WEKU

In a year marked by inflation, 'buy now, pay later' is the hottest holiday trend

People are paying for blenders, shirts and even groceries in installments. New research suggests this encourages people to overspend.

Investors Business Daily

Black Friday Online Sales Hit Record, But Growth Slim

Black Friday online sales rose just 2.3% vs. a year earlier, amid a tough economy and long holiday shopping season. Apple products were in demand.

Evening Standard

London fintech unicorn Zilch poised to begin wave of layoffs as downturn hits buy now pay later sector

Zilch joins rival Klarna in making a series of layoffs in a bid to cut costs as investors weigh the prospects for BNPL firms after higher borrowing costs squeeze profits

Bangkok Post

Buy now, pay later lures apps and e-marketplaces

Super apps and e-marketplaces are making a foray into buy now, pay later (BNPL) services in Thailand to stimulate consumption amid economic headwinds and stagnant inflation.

The New Daily

‘Significant harm’: Government urged towards toughest option in buy-now-pay-later crackdown

Buy-now-pay-later giants like Afterpay could be forced to obtain credit licenses and check whether their customers can afford loans.

The Guardian - AU

Consumer groups demand stricter regulation of buy now, pay later loans to reduce harm

Federal government releases options paper with toughest proposal agreeing BNPL should be regulated like credit cards

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