CBA to take on Afterpay as it joins buy now, pay later stampede

The Commonwealth Bank will take on market darling Afterpay directly by joining the rush into the booming buy now, pay later sector from the middle of this year.

CBA group executive Angus Sullivan said customer needs were evolving and there was strong demand for a BNPL service. In a sign of the pressure the bank’s move could put on BNPL margins, CBA said it would not charge any extra fees to merchants beyond standard merchant fees of slightly more than 1 per cent of a transaction’s value.In comparison, CBA said retailers on average paid about 4 per cent for BNPL services, which were costing businesses hundreds of millions of dollars a year in fees.

Source: News Formal (newsformal.com)

clancyyeates Usury, loan sharking

clancyyeates So guess the banks have finally decided, that they can't beat 'em, so they'll join 'em

clancyyeates User-friendliness wise, Afterpay Klarna, IMO.

clancyyeates All the banks will jump on this bandwagon

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