The companies make money from the retailer, not the customer.Providers such as Klarna, Clearpay and Laybuy explain to retailers that by offering their services, they can increase average basket value and boost sales.More than half of major online stores in the UK offer BNPL payment options.When someone applies for buy now pay later credit, most services usually carry out soft credit checks, which they say help assess whether they can afford the purchase.
The rapid growth of buy now pay later in recent years has raised some concerns, particularly around people spending more than they can afford. That means users can accumulate debt across multiple lenders, and the buy now pay later companies would be unaware of any other arrears they have.Since the FCA review was published, the government says it has been considering how to regulate interest-free buy now pay later services. It says regulation should be "balanced and proportionate, ensuring customers are given appropriate protections".
Clearpay said it has "low initial spending limits, which only increase after customers consistently pay on time".
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