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LOL nice try. Banks refund Customer but raise a Chargeback and recover the money from the Trainer Seller. The risk of Trainer Seller running away is covered under Acquirer Risk. I know these minutaie of the workings of credit card industry are not widely known among the lay public but I always thought a bank CEO would be aware of them!

Missed Payments and Overspending are features of all form of Credit, including Credit Card, but their high incidence in the case of BNPL is noteworthy. I remember reading that a lot of people miss BNPL repayments not because they don't have money to pay on the due date but because they forget about the due date. This might seem strange in the day and age of calendar apps on smartphones and alerts on smartwatches but, I guess, some things never change! Another thing is, in a quirk of consumer behavior, many BNPL customers apparently repay their installments with good old Credit Card! Which begs the question as to why they didn't pay for the basic purchase with Credit Card in the first instance!

"deposits held at seven of the leading neobanks total $1.68 billion, about 0.014% of all deposits held in US banks." (Source). This stat shows that neobanks have had negligible impact on the banking industry despite being around for a decade.

That said, just as pioneering neobanks like Simple are shutting down, latecomer neobanks like Ally, Chime, et al seem to be doing well. I find that mysterious!

"Chargebacks can occur in three main ways. They can either be raised mistakenly when a customer forgets or does not recognise a purchase".

I can count most two ways. What is the third? 

Any idea why Venmo charges ad valorem fee for check cashing? Can't a flat fee cover its cost and deliver reasonable margin? After all, as a fintech, Venmo is not supposed to be like greedy banks or have the high costs of maintaining legacy systems.

Kudos to the Federal Judge for nipping CFPB's regulatory overreach in the bud.  

When finserv companies give credit, they attract the charge of driving people into debt. When finserv companies don't give credit, they invite the criticism of Financial Exclusion.

Despite this "Heads You Win, Tails I Lose" situation faced by it, I'm amazed at how finserv somehow still manages to be a top spender in digital advertising among all industry verticals:)

Great initiative by ICICI Bank. Kudos. Can't recall a single bank offering such a service anywhere in the world, so it could be a globally pioneering initiative as well. Keen to know if and how much ICICI Bank will charge for this service. 

@JamesPiggot:

Let's see!

If you're right, then this new launch by Lloyds is like "all dressed up and nowhere to go" because, since Lloyds is reportedly the first bank in the world to connect to SWIFT gpi Instant, then it must mean that no other bank is connected to it!

The expression "routed through Lloyds" suggests that this new payment service is supported only for payments initiated from a Lloyds office outside UK.

Soon after FPS was launched in 2008, Citi was planning a realtime crossborder payment service where you could walk in to a Citi branch in (say) Dubai and transfer money to somebody in UK and the payment would get credited to the Beneficiary's account in any UK bank (say RBS London) in seconds. Citi Dubai to Citi UK transfer happened via internal rails (ergo realtime) and Citi UK to RBS London transfer happened via FPS (ergo seconds).

Not sure what's the role of SWIFT gpi Instant in Lloyds new payment service (unless Lloyds lacks an internal rail and is using SWIFT even within the network of its own international offices).