Global giant PayPal is set to take on Afterpay and Zip on their home turf,in a sign of the growing competition in the fast-growing buy now,pay later sector.
Buy now,pay later firms have committed to disclosing caps on their late fees and carrying out mandatory checks on the finances of customers borrowing larger amounts.
Starry-eyed Afterpay investors might not know that the buy now,pay later behemoth’s $38 billion market valuation is based on a business it doesn’t entirely own.
Afterpay chief Anthony Eisen says acquiring a bigger share of its United States subsidary for almost $600 million is a major win for the buy now,pay later juggernaut.
Afterpay chief executive Anthony Eisen is pushing for the Reserve Bank to be stripped of its powers to unilaterally regulate emerging payment firms such as buy now,pay later operators.
The bigger issue for the likes of our homegrown BNPL giant,Afterpay,is the regulatory geographic domino effect.
The Commonwealth Bank has flagged a lift in the banking giant’s technology spending,as it faces a wave of competition from fintech rivals.
As investors cheered rapid US growth,Zip Co co-founder Peter Gray said Americans were several years behind Australians in their awareness of buy now,pay later schemes.
Major Australian retailers are preparing for a bumper holiday shopping season thanks to a COVID-induced shift in spending habits.
Afterpay's new management structure is a little unconventional,but the buy now,pay later darling is no stranger to breaking with convention.
US-based Zebit has failed to impress the market despite its promise of offering investors a different proposition to the likes of Afterpay and Zip.