i think you may have somewhat superficial understanding of human factors. Debt is rarely free.
More than two in five Buy Now Pay Later (BNPL) customers borrowed money to make repayments, Citizens Advice has found. The types of borrowing included overdrafts, borrowing from friends and family, loans and payday loans. The most popular was credit cards (26%).
Younger shoppers were most likely to borrow to pay off BNPL purchases. The charity found 51% of 18-34 year olds borrowed money to pay off BNPL debt, compared to 39% of 35-54 year olds and 24% of over-55s.
These latest findings come as the BNPL market continues its meteoric growth. But the sector remains unregulated.
Citizens Advice is calling for regulation to protect customers, including market-wide affordability checks and clearer information at checkouts. Worryingly, the charity found more than one in 10 Buy Now Pay Later customers didn’t fully understand how the repayments would be set up. https://www.citizensadvice.org.uk/about-us/about-us1/media/press-releases/two-fifths-borrowed-to-pay-off-buy-now-pay-later/
30 Jun 2022 13:47 Read comment
This regulation and enforcement should be self-funding, as the regulators and enforcers identify and sequester illicit or illegal funds they should be given those funds to invest in better systems and more staff. this seems to work well in the USA with the DOJ motivated to intercept and secure laundered cash - its time the UK Government broke its ties with Siberian Lords and their Knighted sons (amongst others) and replaced rhetoric with results. I will be writing to my MP. Thanks Finextra - good summary.
30 Jun 2022 11:17 Read comment
So Credit cards are also free, you just have to pay your statemented balance off in full within the terms set by the issuer, and not revolve, and not take cash. I am sure this will find its place, similar to Payday loans, there will be an initial goldrush..... then the regulators will arrive, and then things will calm down.
30 Jun 2022 11:05 Read comment
https://www.citizensadvice.org.uk/about-us/about-us1/media/press-releases/one-in-12-now-using-buy-now-pay-later-to-cover-essentials/
So this is not getting into debt? Agree Barclays is not without sin..... Other, more consumer friendly organisations have much better credentials when it comes to analysing BNPL for its up-and-down-sides. Like gambling, in moderation its fine.
29 Jun 2022 11:12 Read comment
invite enquiries from recruiters or HR leads, by geography by all means but dont nail a list of scalps to the wall!
06 Jun 2022 08:26 Read comment
Outstanding - 99% success rate and a dent of $1.2M in criminal pockets is a great start... Global banks need to embrace this technology.
12 Apr 2022 12:51 Read comment
can i be the first to say this?
"Zuck Bucks Sucks"
you heard it first on Finextra! What if the US Dollar was called the 'Wash dollar' when it launched in 1792... Would we think less of George Washington?
07 Apr 2022 10:42 Read comment
In addition to this, it would be highly likely that a raft of other criminal offences were being committed, such as: Mis-Coding, money laundering and processing for PEPs or Sanctions listed individuals, countries or merchants
15 Mar 2022 10:53 Read comment
Paypal?
Facebook (Meta-Who?)
Spotify?
Bit of a storm in a social teacup when it comes to stock prices today!
03 Feb 2022 16:03 Read comment
None of the incumbent payment companies engaged in this initiative? Ohhh Kaaay!!....... Well done G42.... This Abu Dhabi based AI/Cloud computing and DC company did make it into the mix!
02 Feb 2022 12:04 Read comment
Jeroen FaasVP Sales Payments at FIS
Bonita OsgoodBanking Solution Marketing Director at FIS
Manish MohanSenior Account Executive at FIS
Yelli MartinezIT Architect Senior at FIS
Manoj JoshiSr. Director at FIS
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