buy now pay later

The sharp spike in complaints, including nearly 54,000 against banking and finance businesses, shows the effects of financial stress from aggressive interest rate hikes and the explosion of scams, the financial ombudsman’s chief said.

Buy-now-pay-later products look like credit, act like credit and carry the risk of credit, so they should be subject to the same regulatory scrutiny as credit products, the financial services minister said.

The financial services minister is looking at tackling scammers at the source: “Does our barista down the corner really need my email address, my bank details, my name and my mobile phone number just to buy a cup of coffee?”

“If you can’t beat ’em, join ’em,” as Bugs Bunny would say. This is exactly what NAB and CBA have done to take on the Buy-Now-Pay-Later (BNPL) phenomenon. NAB was the first to launch its new StraightUp credit card, which is aimed at millennials by offering interest-free purchases on credit anywhere that accepts Visa. Credit…

Victorian lockdowns extended, markets remain calm, Labor Day holiday in the US, ASX to open higher

August gains lost in a day, QBEs culture crisis, RBA looking dovish, higher open ahead With reporting season complete, markets are once again turning to economic data and vaccine hopes. It wasn’t a great start to Spring, with the ASX 200 (ASX:XJO) falling 1.8% and giving back nearly all the gains achieved in August. The…

Now, this article was a very difficult one for me to write. I must disclose that I have been a non-believer of the Afterpay story from the beginning. I simply could not understand how a modern-day layby business that makes slim margins could be the next Pay Pal or Visa, yet the company has been…