Paypal sparks BNPL wars
The share prices of buy now, pay later (BNPL) giants Afterpay and Zip Co took a significant hit yesterday after PayPal and Apple muscled in on their territory. PayPal launched its Aussie offer yesterday that won’t charge users late fees for missed payments. Note: Afterpay raked in almost $70 million from late fees last year… Meanwhile, Apple yesterday revealed it’s working on a service that will allow customers using Apple Pay to pay for their stuff in instalments over time. And with the Commonwealth Bank is launching a StepPay next month, the BPNL market is getting crowded. At the other end of things, the financial regulator ASIC has warned consumers of the debts they can incur.
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