Bank buys into buy now, pay later
Which bank? The Commonwealth Bank will launch its own buy now, pay later (BNPL) product in the coming months with the youngsters going crazy for the credit facility. Going head to head with Afterpay, Zip Pay, Humm and others, the bank’s eligible customers will be able to make any debit or credit card purchases between $100 and $1,000 and repay it in 4 fortnightly instalments. If a payment is missed, customers will be charged a $10 fee – but there will be no interest charges or monthly/annual account fees. Some popular BNPL merchants that have come under fire for their lending standards, but CBA says it would only allow customers who had passed credit checks to use their service. CommBank becomes the first big 4 to offer the service. Still confused about how it all works? You can find a good explainer here.
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