Young Australians are being warned not to fall into the money trap of unregulated buy now pay later providers.
Mastercard will launch new technology allowing lenders around the world to offer buy now,pay later products,as instalment payments pioneered by Afterpay go mainstream.
From petrol to groceries,Afterpay’s soon-to-be released banking app will come with a feature that will let customers pay for goods under $200 in fortnightly instalments.
Buy now pay later platforms are proving popular,particularly with younger consumers,but are their touted benefits over credit cards illusory?
Founded by two Australians,the European-based BNPL outfit is valued at close to $1 billion after closing a funding round.
Suncorp is the latest bank to offer customers a buy now,pay later service,as products that mirror those pioneered by Afterpay become more mainstream.
Affirm said Amazon customers would be able to use its service on purchases of $US50 or more — including items like furniture,home goods,electronics and fashion — and pay in monthly instalments.
A quick guide to what,if approved,will be the biggest corporate takeover in Australian history.
Afterpay has signalled it has long-term ambitions to distribute mortgages,as it also looks to expand the range of financial products offered to Australian consumers.
The old joke about investing in China with its limitless opportunities for profitless growth does not apply to buy now,pay later.
Be careful with BNPL when you are bored at home and click shopping from your couch during lockdown. Now could be the very worst time to do so.