Buy Now Pay Later news and archive

Buy Now Pay Later surged during holiday spending

According to the most recent Adobe Analytics report, online holiday sales in the United States reached a record-breaking 222.1 billion dollars between November 1st and December 31st, marking a 4.9 percent increase from the same period in 2022. The surge in e-commerce purchases was significantly aided by the popularity of Buy Now, Pay Later...

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Online inflation sees biggest YOY fall since March 2022

The Adobe Digital Economy Index has released new data revealing that UK online spending in August reached 9.43 billion pounds, marking a slight year-on-year decrease of 1.3 percent and a 3.5 percent drop compared to July. Brits eagerly embraced a September heatwave with online prices seeing a significant 6.2 percent year-on-year decline, the...

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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...

Business

UK government to implement stricter BNPL rules

The UK government has revealed it is planning to implement stricter rules on ‘buy now, pay later’ (BNPL) services in order to improve the protection of the payment option’s users. The move comes as concern around BNPL grows alongside the ongoing ‘cost of living’ crisis, which has continued to worsen in the region. The proposal will require...

Business

PayPal expands ‘buy now pay later’ offering

Payment provider PayPal has announced a new Pay Monthly offer, providing US customers with a further ‘buy now pay later’ option for more flexibility. The offer allows customers to make large purchases between 199 dollars and 10,000 dollars, breaking the total cost into monthly payments over a six to 24 month period. On selection, customers will...

Business

Apple to launch Buy Now, Pay Later service

Apple on Monday announced it will expand its Apple Pay services with a buy now, pay later (BNPL) option. Called Apple Pay Later, the financial service allows users to split purchases into four equal payments over six weeks without interest or late fees. Apple announced the move at its latest Worldwide Developers Conference. Apple Pay later is...

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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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Klarna launches virtual shopping experience

Payment provider Klarna has announced the launch of a Virtual Shopping offering, allowing customers to browse and buy products through live chats and video calls. Utilising Klarna’s Store App, in-store experts will be able to connect with shoppers online, with the option to provide demonstrations on items and share photos of products with app...

Retail

Which calls for stronger precautions regarding BNPL debit risks

Consumer watchdog Which has called for more vigorous precautions to be in place regarding Buy Not Pay Later (BNPL) options, as new research by the firm revealed consumers are unaware of the debt risks associated with the product. The payment method’s popularity has skyrocketed in recent years, providing consumers with an alternative, flexible...

Business

UK banks could soon embrace Buy Now Pay Later

The popularity of Buy Now Pay Later (BNPL) has attracted the attention of the UK’s banks, as transactions are set to surge 60 to 70 percent per year. With regulations easing, banks that allow customers the option to pay for goods using interest-free credit will further increase the sector, which currently accounts for 5 percent of e-commerce...

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Payments giant Square to acquire ‘buy now, pay later’ provider Afterpay

Digital payments giant Square is to acquire Australian ‘buy now, pay later’ provider Afterpay as the instalment lending market continues to heat up. The 29 billion US dollar (39 billion AU dollar) deal is Square’s biggest acquisition to date and is expected to be paid all in stock. The acquisition will see Afterpay integrated into Square’s...

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...