Increase in consumers juggling and shuffling debts calls for swift action before it is too late
A tale of Big Tech and whizzy financial lenders moving faster than plodding regulators and governments is hardly novel but two news stories this week hammered home the contrast in the “buy now, pay later” (BNPL) market – where the financial products, critically, remain unregulated in most cases.
First, Apple said its new iPhones in the US would offer a BNPL feature on Apple Pay from the autumn, giving users the option to make payments via an interest-free four-month loan. The innovation could be brought to the UK a few months later, providing stiffer competition for the likes of Klarna.
