Buy now, pay later firm launches digital card to be used in stores
Shoppers will need to load the card into their smartphone’s wallet through Laybuy’s app and can use it to spread the cost of purchases.
(FCA).Laybuy said it conducts hard credit checks and around 25% of customers are declined. The maximum amount they could spend with it would depend on their credit score.It said the average age of its customers is 32 and they typically spend £66 per transaction.
If customers miss a payment then they are charged £6 per week, up to a maximum of £24. Laybuy said it would immediately contact a customer if they missed a payment and fewer than 5% of customers pay a late fee.To use the new Laybuy scheme, customers need to load the card into their smartphone’s wallet through its app.
They can then use it to buy goods and services with Laybuy in the same way they would if they were making a contactless payment using a physical card, or another payment card on their smartphone’s digital wallet.Laybuy said that initially the scheme will be available to merchants that have a relationship with it, but the plan will be to allow customers to use it at leading retail brands generally in the near future. headtopics.com
It said places where people will be able to use Laybuy include WH Smith and JD Sports.Gary Rohloff, managing director and co-founder, Laybuy said: “BNPL is becoming incredibly popular in the UK, so we’re delighted to launch ‘tap to pay’.”Rachel Springall, a finance expert at Moneyfacts.co.uk said: “The pandemic hit consumer finances hard and some may struggle to pay for goods outright but may not want to use a credit card, particularly if they don’t have an interest-free offer.
“It’s important that consumers keep in mind that they will need to plan their repayments carefully to ensure their goods are paid for within their borrowing term.” Read more: The Independent »
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Our research showed 77% of people who use BNPL struggle to make the repayments. To make sure that's not you, ask yourself these questions before you buy... Are you spending more than you usually would? Are you feeling stressed about money? Do you know how much you've spent? UnrestrictedBioweapon ContemporaryGeneticWeapon OriginOfCOVID19 CCPLiedPeopleDied DrLimengYan DrLiMengYan1 WhistleblowerMovement TakeDownTheCCP CCPVirus NFSC
In other words a credit card?
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