BNPL firms are gaining market share at the expense of credit cards. Splitit and Checkout.com partner while Ant Group rolls out BNPL in Hong Kong. Klarna’s CEO attacked the media for “hypocrisy” of coverage of BNPL while the company announced a new agreement with Tractor Supply. NAB launches ‘NAB Now Pay Later’ in Australia for its bank customers.
Plastiq’s CEO touts B2B BNPL benefits for SMEs, and Divido’s CEO talks about ethical lending and BNPL benefits for consumers. China’s Trip.com rolls out travel BNPL partnership with Atome in major Asian markets. India’s Snapmint claims more than seven million app users. Good Shepherd claims BNPL causes some of the abuse problems women face in the UK.
The lines between credit cards and BNPL are blurring
A growing roster of BNPL competitors have different slants on how and where buy now, pay later, and traditional products should intersect. Virgin Money’s new Slyce offering is one example. Debit cards are playing a growing part in the mix as Klarna, Affirm, and others stretch the buy now, pay later concept. The quest for more volume and profit has added momentum to BNPL firms’ use of virtual cards and their adoption of actual plastic cards that can be used at the register. The Financial Brand
Splitit announces integration with Checkout.com
Buy now, pay later (BNPL) provider Splitit has formed a partnership with cloud-based payments provider Checkout.com. The partnership will see Splitit offer “an integrated installment payments solution, as well as reselling Splitit through its network of merchants and marketplaces.” In addition, the partnership will see Checkout.com’s merchants and marketplace adopt Splitit’s Installment-as-a-Service platform, making it easier for them to adopt the Splitit solution. PYMNTS
Ant rolls out BNPL product in Hong Kong
Ant Group continues to expand its product range in Asia, rolling out a BNPL offering in Hong Kong and small business loans in Singapore. The Chinese giant’s Ant Bank (Hong Kong) and AlipayHK units are rolling out Ant Bank PayLater on AlipayHK ahead of the Double 11 (China’s equivalent of Black Friday) and Christmas shopping sprees. Users can pay in installments when shopping on AlipayHK’s network of merchants and e-commerce platform Taobao. Finextra
Klarna CEO accuses media outlets of “hypocrisy” over treatment of BNPL
Sebastian Siemiatkowski, CEO and co-founder of the Swedish fintech, believes Klarna is getting unfair media coverage by media outlets compared to credit card firms. In a tweet, Siemiatkowski said the “hypocrisy was crazy!” It is unclear if the Klarna boss is accusing media outlets of promoting credit cards that advertise in their outlets. Amid its ballooning growth, Klarna has been public in its criticism of credit card firms. AltFI
NAB pushes ignition on new buy now, pay later product
Originally flagged for a July launch, ‘NAB Now Pay Later’ is now available to NAB customers allowing purchases up to $1,000 to be split into four fortnightly payments. NAB Now Pay Later allows customers to access up to $1,000 through a digital NAB Now Pay Later card. The NAB Now Pay Later digital card is available through the NAB app, with customers able to add the digital card to existing Apple or Google Pay wallets through their smartphones. Savings.com.au
B2B BNPL helps SMBs create runways to growth
Plastiq COO Stoyan Kenderov and Obvi CEO and Co-founder Ronak Shah said B2B BNPL can help SMBs, particularly retailers, bootstrap more efficiently, unlock cash flow and scale. A new wave of BNPL providers is using data to extend B2B-focused loans, which is cheaper than traditional funding. The risk models can use advanced technologies and determine payback periods. BNPL allows a new business to expand its initial spending on inventory or advertising. PYMNTS
Divido: Ethical BNPL lending is essential amidst the cost-of-living crisis
The BNPL market has grown exponentially. It currently represents over £132 billion in consumer spending and is expected to reach £368 billion by 2030. That growth is unprecedented, and it has mainly come without any form of government control. That is changing, and rightly so. Consumer protection is progressing through new regulations, providing more stability for lenders and retailers. But until that day comes, lenders and merchants must take the initiative. They must start to balance capitalizing on the market opportunity with providing credit in an ethical manner. Fintech Times
Tractor Supply teams with Klarna to offer BNPL
Rural lifestyle retailer Tractor Supply Company has turned to buy now, pay later (BNPL) provider Klarna to offer customers interest-free installment payments at its stores and online. With the partnership, Tractor Supply customers can choose the Klarna button as the payment method at checkout on the Tractor Supply website or by using the Klarna app at Tractor Supply stores. After making the first payment upon confirmation, future payments are automatically collected every two weeks. PYMNTS
Trip.com jumps on buy now pay later bandwagon
China’s Trip.com has struck two new partnerships, covering the UK and Asia Pacific, to allow customers to delay payments for their purchases. In Asia, Trip.com has joined forces with Atome, while in the UK, it will use Klarna. Travelers in the UK will see Klarna as an additional payment option when they arrive at checkout, where they’ll be able to choose one of three payment options: pay the total amount immediately, pay the full amount within 30 days, or pay in three installments over 60 days. Skift
Buy now pay later focused firm Snapmint making life more affordable
Buy now pay later-focused firm Snapmint offers a convenient and transparent purchase journey with no extra costs. Consequently, over 250 D2C brands have chosen Snapmint to drive their customer acquisition and sales. Abhineet Sawa, co-founder of Snapmint, in an exclusive interview with Bizz Buzz, says: “Currently, we have 7 million app users. Our BNPL transaction volume has grown six times in the last year.”
BizzBuzz
Buy now, pay later schemes increasingly an avenue for financial abuse, UK report finds
A quarter of financial counselors surveyed said at least half the women seeking help had been coerced into acquiring BNPL debts. Buy now, pay later schemes have increasingly become an avenue for financial abuse because of how easy it is to open accounts, according to a report by Good Shepherd, a charity that supports women and girls experiencing abuse and disadvantage. The report found 84% of those surveyed said clients with BNPL debt had tried to manage the debt by opening more BNPL accounts. The Guardian