Community

Kudos to Klarna for calling BS on Barclays' posturing.  Until BNPL came along, credit card debt used to be the pet whipping boy of the common man. Unlike credit card, BNPL debt is free. 

Sorry mate, you're badly mixing up fintech and financial services.

Financial Services is a highly regulated sector. Fintech is not.

The history of startups operating in regulated industries - including fintech in finserv - is full of unicorns and decacorns that leveraged regulatory gaps to become too big to comply instead of going out of the way to comply, then getting the regulation changed to fit their operating / business models. 

Fintechs Need Marketers And Lobbyists, Not Lawyers

Yet another sign of regulatory overreach, I'm afraid. People are grown up and need to be allowed to take responsibility for their own decisions. Perpetual dependence on nanny state measures is neither good for them nor for the state.

Given that the key impetus to Open Finance in USA has been provided by Plaid, Finicity, Yodlee, et al, I'd think the US approach to Open Finance is also Platform-driven?

Open Banking: EU v. USA

Ditto India e.g. NPCI (UPI for P2P and P2M Payments, BBPS for Bill Pay), Anon (AA for account aggregation).

I use the following acid test to distinguish between UI, UX and CX.

UI: How it looks.

UX: How it works.

CX: How customer feels after experiencing the company, product, process, and employees.

Payment Automation is already mainstream? At my last corporate employment 10+ years ago, we had a system supplied by our bank to process supplier invoices, line them up for payments, raise payment advice, 4 eye or even 6 eye security, and everything involved in substantially automating our payments. Another SBU of the same company also used to sell such Corporate2Bank solutions to banks.  

Kudos to UK Govt. Hopefully, this will lift the longstanding regulatory overhang over BNPL, stimulate volumes and boost the economy.

Yep you read that right. Here's my source:

Finance Ministry move on merchant discount rates killing RuPay cards. Visa and Mastercard are gaining.

Per your linked article, "... 603.6 million RuPay cards have been issued by nearly 1,158 banks. But only 970,000 are credit cards."

<1M RuPay credit cards and >602M RuPay debit cards. ICYMI, your post is about BNPL, which is a credit product. How does the count of RuPay Debit Card matter in this context?

Just for reference, during the same period, Banks + Fintechs issued 20M Visa and MasterCard Credit Cards in India. 

Totally agree with Storonsky that KPIs should be put in place to hold regulators more accountable. Before a regulator is allowed to introduce a new rule, it should be told to prove that the intended benefits of the previous rule were achieved.

A little hard for sinecure bureaucrats, I agree, but it's high time they were subject to conditions that corporates have always been subject to, otherwise there will be too much regulatory overreach.

GoI stipulated ZeroMDR. Visa and MasterCard refused to comply. Did GoI ban V / MC? No, instead it restricted ZeroMDR only to RuPay cards.

Contrary to what the common man thought, this did not lead to a boost in RuPay. Instead, banks actually cut down RuPay issuance and boosted V / MC issuance.

What times have changed?

As the CEO of Visa recently pointed out, Visa has faced competing card networks and nationalistic measures all over the world since the 1970s but, 50 years later, it's still the #1 card network in the world.