Consumer watchdog to regulate ‘buy now, pay later’ lenders as credit cards ...Middle East

The Hill - Technology

The government’s consumer watchdog moved Wednesday to classify popular “buy now, pay later” applications as credit cards, which would extend customer protections to millions of users, including the ability to dispute charges and request refunds. “Buy now, pay later” programs, also known as BNPL, allow consumers to pay for products in interest-free installments. Companies that offer such services include Affirm, Klarna and PayPal. The Consumer Financial Protection Bureau (CFPB) began looking into BNPL in 2021 amid the market’s rapid expansion and concerns about mounting debt and their use of consumer data. A 2022 CFPB market analysis found BNPL exploded during the pandemic, with

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Last updated : 22 May 2024 clock 07:21 PM

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Consumer watchdog to regulate ‘buy now, pay later’ lenders as credit cards ...Middle East

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