BNPL news and archive

UK to enact new regulations on ‘wild west’ BNPL industry

The UK government has outlined plans to regulate the operations of buy now, pay later (BNPL) firms as it aims for more transparency among the industry. The HM Treasury said BNPL firms will need to follow “consistent standards”, including upfront checks, to ensure shoppers can repay what they borrow. The plans also detail “fairer and faster...

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Ebay and Klarna expand Buy Now Pay Later to new markets

Multinational ecommerce giant eBay has expanded its partnership with Klarna, transforming the art of digital window shopping into a more fluid financial experience. The collaboration, which spans key European markets, introduces flexible payment options that could revolutionise how fashion consumers approach their purchasing decisions. The...

Retail

Tom Ford and URBN among retailers adding Clearpay’s pay-in-4 service to stores

A number of fashion and beauty retailers are expanding their in-store flexible payment services with Clearpay as customer demand for buy-now-pay-later features continues to rise. According to Clearpay, Tom Ford, MAC, Jo Malone, Cosmetic Company Stores, Le Labo, Too Faced and URBN, the owner of Urban Outfitters and Free People, have expanded...

Fashion

Buy Now Pay Later schemes used by 14 percent of online shoppers

Buy Now Pay Later (BNPL) payment options continue to gain significant traction amongst consumers. BNPL services allow customers to make purchases and pay for them in instalments, typically interest-free or with low fees. The flexibility offered by BNPL appeals to many consumers, especially millennials and younger demographics, who are looking...

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UK government sets out BNPL regulation plans

The UK government has outlined a draft legislation that looks to regulate ‘buy now, pay later’ (BNPL) credit after it determined the sector could be harmful to consumers. Currently, BNPL remains largely unregulated in the region, offering interest-free short-term loans on a range of products without thorough affordability checks. The new...

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Frasers Group reportedly looking to launch BNPL scheme

Fashion conglomerate Frasers Group has reportedly set its sights on adding a new financial service to its already expansive portfolio. Under its new boss Michael Murray, the group is said to be preparing to launch its own Buy Now, Pay Later (BNPL) scheme, which could allow buyers to borrow up to 2,000 pounds. According to The Telegraph, the...

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BNPL provider Afterpay partners with Sephora

Sephora is set to join the growing number of retailers introducing the flexible ‘Buy Now, Pay Later’ (BNPL) service to their platform in a new partnership between Afterpay and the beauty retailer. The omnichannel platform will now allow customers to pay in four instalments when shopping through Sephora’s website in the US, building on its goal...

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BNPL provider Klarna secures 800 million dollar financing

Swedish payment provider Klarna has announced it has closed a new 800 million dollar funding round which it said will be used primarily to support the expansion of its US market position. The ‘buy now, pay later’ (BNPL) operator said it had received backing from existing investors, including Bestseller and its founders Sequoia, as well as a...

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Klarna to cut workforce by 10 percent

Buy now, pay later company Klarna has announced that it is cutting 10 percent of its workforce, citing weakening consumer confidence, surging inflation, a volatile stock market and the war in Ukraine. In a blog post, Klarna chief executive Sebastian Siemiatkowski said: “When we set our business plans for 2022 in the autumn of last year, it was a...

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Barclays calls for more regulations on BNPL payments

British banking firm Barclays has expressed its concern regarding Buy Now, Pay Later (BNPL) products following new reseach that suggested the lack of assessment regarding the payment option has negatively effected customers. The study by the bank found that many consumers taking out BNPL contracts were not in the financially stable position to...

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Retail

Klarna launches physical payment card in the UK

Buy now, pay later payment firm Klarna has launched a physical payment card that can be used for in-store payments in the UK. The card will allow consumers to pay with Klarna’s ‘Pay in 30,’ meaning anytime up to 30 days after purchase. With additional payment options to be added in the future. The global banking, payments and shopping service...

Retail

Klarna offers interest-free shopping to all online retailers

Global banking, payments and shopping service Klarna has launched a new shopping feature that allows customers to pay in instalments at any retailer, even if it does not offer the service. Through the new shopping app feature, customers can shop at any online retailer and use Klarna’s pay-in-3, spreading out payments through three-interest free...