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Is ″Buy Now, Pay Later″ the consumer credit magic bullet we’ve all been waiting for?

BIScom Subsection: 
Nigel Morris-Cotterill

Buy Now, Pay Later is a rapidly growing consumer credit sector. Last year, it is reported, it was used in 3.6% of retail sales in the UK. Is it a panacea or a plague?

Long Read: 17 pages.

Terms of Convenience

Now would be a useful place to say that the terms credit and debit card are, in part, terms of convenience. It is absolutely irrelevant whether there is a card, a mobile device of some sort or simply an account number that can be copied and pasted into the payment page of a website. It is irrelevant, in all but one respect, whether the service is provided by a bank or a secondary lender, and whether that service is provided directly or through an intervening technology company. The one respect in which is is relevant is the extent to which the provider of services is regulated and whether that regulation is readily available to customers of the services used and who has access to, and the right to use, the associated data.

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