Monzo just launched their BNPL solution called Flex
. The same day Curve launched their BNPL-offering called.. drumroll.. Flex..
Imagine the discussions in both camps after launch. 😂
Buy now, pay later feels like a concept that came out of nowhere that’s now everywhere you look in online commerce.
It’s a no-brainer for banks and merchants: Smaller fees, more data, and less stringent credit rules. It’s also lovely for consumers: Less strenuous credit checks, lower interest rates, and you can divide up large amounts. But there is a lot of potential downsides here:
BNPL makes sense for consumers if (and it’s a big if) people understand how to budget or have enough disposable income to handle the payments. […] What happens when someone signs themselves up for 17 different BNPL options that they’ll be paying off for years? Ben Carlson - Save now, buy later
This is a great point and interesting thought since this is debt data hidden from debt registers, and it’s payments that are much harder to default on if you run into trouble. After all, they draw your amount directly from your payment account every month.
You know what’s a better idea than buy now, pay later? Save now, buy later. Ben Carlson