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

  • 📰 smh
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 80%

Australia Headlines News

Australia Latest News,Australia Headlines

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

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)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in AU

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

‘If you can’t beat ’em, hurt ’em’: CBA boss takes fight to AfterpayThere was no mistaking CBA chief executive Matt Comyn’s agenda when he turned up to Thursday’s grilling before a House of Representatives standing committee in Canberra.
Source: smh - 🏆 6. / 80 Read more »

CBA apologises for charging customers $55 million in feesCommonwealth Bank is being taken to court by ASIC after charging customers $55 million in fees that should have been waived. Oh dear, I'm sure they mean it! If they hadn't been caught it's just business as usual. Criminal Fraud 101 Shouldn't that read. CBA apologizes to shareholders for getting caught for charging customers$55 million.
Source: abcnews - 🏆 5. / 83 Read more »

CBA sued for overcharging customers monthly fees totalling millionsThe Commonwealth Bank is being sued for misleading conduct after allegedly charging nearly a million customers almost $55m in fees it was not entitled to.
Source: newscomauHQ - 🏆 9. / 77 Read more »

CBA sued for overcharging customers $55 million in account feesThe corporate watchdog says the bank wrongly charged customers including pensioners, full-time students, recently-arrived migrants, and people with a home loan package deal.
Source: smh - 🏆 6. / 80 Read more »