Community

Credit cards with installment loans/Easy Payment plans (call them what you will) offer banks a simple way to join the BNPL rush - with special terms running up to interest free/24months etc...   Why would banks turn away from this.... 

What sort of person cannot remember what they bought and from where?  The sort of person who wants to entrust their entire spending history to an unregulated credit broker I suppose?   It might reduce the number of DNR calls to banks from easily confused cardholders I suppose! 

Good thing Central Bankers dont run retail banks then! 

Agree with you - whilst cash use was falling in relative terms to electronic spending for many years (which always grabbed a headline)  the actual amount of cash used for payment annually, always grew! 

Operating ATM networks cost-effectively is going to be an opportunity that has to be grasped as this article shows.  Cash is not yet dead....   it remains legal tender,  and a refuge for some in difficult times! 

Hawala and the Knights Templar have or had solutions running for a few years that ticked all these boxes too

Interesting developments - Compliance and regulatory issues seem to be causing problems that are imploding on the team at Revolut.... as the media has it: "Some speak of a new maturity in Storonsky, who’s been criticized before for a toxic and target-obsessed work culture."   https://www.bloomberg.com/news/articles/2022-05-06/revolut-33-billion-banking-app-wants-to-play-in-the-big-league

This is one of the most popular features of Credit cards in the Middle East - though often called either EPP or IPP  "Easy" or "Installment" Payment Plans..... They can run up to 24 months and may be Intrerest free..... I bought a $25,000 dollar Mitsubishi Shogun Sport with one of those...... its all about the interchange and loyalty !  But BNPL has a better ring to it I suppose..... BNPL is  more Millenial friendly - but is still debt!   And there is absolutely nothing wrong with that!!!!!   Lets call a spade a shovel shall we ! Triples all round !

I suppose this means male fraudsters will find it easier to fleece female punters - or vice-versa (just for inclusivity) when it comes to speaking to call-centres. Fraudsters have never been too worried about the gender of their victims. Whilst social media focuses on knowing 'everything' about consumers, banks want to know less?  

see a couple of notable failures below  Facebook buys successful businesses - its track record of launching new ones is not all that great. In app purchases in an environment as short lived as instagram may struggle with stickiness!   Just an opinion from a seasoned observer... maybe the Metaverse is a better location and this is just a pilot? 

Novi wallet failure  

https://www.finextra.com/newsarticle/40572/meta-to-shut-down-novi-wallet?utm_medium=newsflash&utm_source=2022-7-4&member=135864

Libra failure 

https://www.cnbc.com/2022/07/01/the-last-remnant-of-facebooks-crypto-project-shuts-down-september-1.html