Buy now pay later providers say there is no need for stronger safeguards for consumers using their services
The US group led by Twitter founder Jack Dorsey has cleared the final regulatory hurdle needed to complete the biggest takeover in Australian corporate history.
Latitude chief executive Ahmed Fahour says his group will be able to offer a range of interest-free loan products to Humm’s buy now,pay later and credit card customers.
The Ahmed Fahour-led business is seeking a piece of the long-term surge in consumer spending by Asia’s rising middle class.
It has been a good year for many people financially,but there are cracks beneath the surface that signal danger ahead.
Buy now,pay later users in financial distress could gain protections under changes planned for the nation’s payments network,but the reforms will have to wait.
It’s the shiny new toy of credit,but the buy now,pay later industry profits when customers fail to pay on time.
CBA has released data that it says shows customers who use buy now,pay later operators are more likely to overdraw their accounts and fall behind on repayments.
Afterpay executive Lee Hatton says share trading and peer-to-peer payments services also likely to make an appearance once $39 billion Square deal is completed.
Afterpay rival Zip is hoping its push into “crypto” will be a hit with younger customers that are clamouring to get their hands on digital assets.
Big banks have launched no interest credit cards as they battle to stay relevant to their younger customers. However,their fees can be the equivalent of high interest rates.