The BNPL remains largely unregulated. There are many critics of such schemes, who suggest that consumers are persuaded into making purchases that they would not otherwise make and cannot necessarily afford.
Today, we celebrate four years of open banking in the UK. Over these last few years the innovative practice has brought us more control over financial information, a plethora of apps and services that would fall flat without open data sharing, and an endless supply of opportunities to take finance further.
Klarna, a leading global retail bank, payments and shopping service, today revealed new data which challenges popular misconceptions about the company’s consumers.
Klarna, a leading global retail bank, payments, and shopping service, today announced the launch of the Klarna browser extension, which had been in beta testing with over 100,000 consumers. The extension enables consumers to shop with Klarna’s flexible payment options on their desktop at every online store, even if the retailer is not yet a Klarna partner.
Money20/20 today reports that more than 8,000 attendees, from over 2,500 companies participated at Money20/20 USA at The Venetian Resort, Las Vegas in late October. The event was a showcase for the fastest growing and most innovative fintech companies. This follows the hugely successful Money 20/20 Europe, held in Amsterdam in September, which hosted more than 4,000 attendees from 1,500 companies.
The BNPL industry has experienced rapid growth over the last year. In order to provide a smart and efficient service, companies need to have access not only to consumer banking information, but also to understand the data in milliseconds.
‘The use of BNPL products nearly quadrupled in 2020 and is now £2.7 billion, with 5 million people using these products since the beginning of the coronavirus pandemic.’