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16-09-2022, 11:00 AM
US consumer watchdog plans to regulate 'buy now, pay later' companies
PUBLISHED 3 HOURS AGO
WASHINGTON - The US Consumer Financial Protection Bureau (CFPB) plans to start regulating "buy now, pay later" (BNPL) companies like Klarna and Affirm Holdings due to worries that their fast-growing financing products are harming consumers
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The development will be a blow for the sector, which is already under pressure due to rising funding costs and lower American consumer spending during soaring inflation.
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"In the United States, we have generally had a separation between banking and commerce, but as big tech-style business practices are adopted in the payments and financial services arena, that separation can go out the door," he told reporters.
https://www.straitstimes.com/business/ba...-companies
PUBLISHED 3 HOURS AGO
WASHINGTON - The US Consumer Financial Protection Bureau (CFPB) plans to start regulating "buy now, pay later" (BNPL) companies like Klarna and Affirm Holdings due to worries that their fast-growing financing products are harming consumers
......
The development will be a blow for the sector, which is already under pressure due to rising funding costs and lower American consumer spending during soaring inflation.
......
"In the United States, we have generally had a separation between banking and commerce, but as big tech-style business practices are adopted in the payments and financial services arena, that separation can go out the door," he told reporters.
https://www.straitstimes.com/business/ba...-companies
