The FinTech industry has seen an unprecedented rise in the past few years, with many neo-banks, non-bank prepaid instrument issuers emerging in the market with their outrageous claims and services. However, it seems that the RBI has grown weary of the BNPL service, for on June 20 2022, The Reserve Bank of India issued a notification prohibiting non-bank institutions or …
Klarna is to start reporting its customers to credit agencies ahead of a crackdown against the “buy now, pay later” industry. However, consumer charity Citizens Advice has said that one in 10 “buy now, pay later” users have been referred to debt collectors and has warned that the products can be a "slippery slope into debt". Klarna said it will …
Four BNPL companies contacted by Citizens Advice – Klarna, Clearpay, Laybuy and Openpay – said they referred customers to debt collectors as a “last resort”. Following the research, Millie Harris, a debt adviser, Citizens Advice East Devon, said: “My concern is that people aren't processing the fact that BNPL is credit. It's almost under-the-radar debt.” Keeping people 'out of debt' …
