Americans take to buy now, pay later shopping during pandemic
Nearly 40% of U.S. consumers who used buy now, pay later have missed more than one paymentPremium
6 min read
. Updated: 08 Feb 2021, 06:59 AM IST Reuters
The ease with which many shoppers can make purchases is worrying some regulators around the world
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When Leondra Garrett wanted to stock up on three new pairs of shoes early last year, the North Carolina resident split a $161 online purchase into four installments through a buy now, pay later service, in what seemed like a convenient deal.
Now, she admits she should have read the small print about missed payments.
8 Min Read
(Reuters) - When Leondra Garrett wanted to stock up on three new pairs of shoes early last year, the North Carolina resident split a $161 online purchase into four installments through a “buy now, pay later” service, in what seemed like a convenient deal.
FILE PHOTO: A shopper wearing a protective mask tries on clothes at a retail store following the outbreak of the coronavirus disease (COVID-19), in New York City, New York, U.S., July 5, 2020. REUTERS/Jeenah Moon/File Photo
Now, she admits she should have read the small print about missed payments.
When the buy now, pay later (BNPL) provider tried to withdraw a payment from Garrett’s bank account a few months later, she didn’t have enough funds to cover it. Soon after, the 42-year-old was charged $40 in penalties and her credit score dropped 10 points to 650, a reading generally classified as ‘fair’.
PayPal gains full ownership in China
US fintech giant eyes bigger foothold in booming market for online payments
Reuters
January 15, 2021 PHOTO: REUTERS
PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China, according to Chinese government data, as the US fintech giant eyes a bigger foothold in a booming market for online payments.
PayPal acquired the 30% stake it doesn’t already own in China’s GoPay, formally known as Guofubao Information Technology Co, on December 31, 2020, according to shareholder data from the National Enterprise Credit Information Publicity System.
Financial details weren’t disclosed in the data.
PayPal becomes first foreign company in China with full ownership of payments business
In taking full control of one of the smaller players in the world s largest payment market, PayPal will compete with domestic payments giants Alipay, owned by Alibaba-affiliated Ant Group, and WeChat Pay
Reuters | January 14, 2021 | Updated 12:42 IST
PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China, according to Chinese government data, as the US fintech giant eyes a bigger foothold in a booming market for online payments. PayPal acquired the 30% stake it doesn t already own in China s GoPay, formally known as Guofubao Information Technology Co., on Dec. 31, 2020, according to shareholder data from the National Enterprise Credit Information Publicity System.