- Commonwealth Bank of Australia on Wednesday became the first major lender in the country to offer its own “buy now, pay later” service, taking on U.S. payments giant PayPal and Afterpay with the promise of lower fees.
Australia’s so-called Big Four banks have acknowledged the rising popularity of BNPL, but none had so far entered the space with their own service. The bank had also participated in the recent funding round of Klarna, which is widely rumoured to be considering a U.S. public listing. “Unlike some other BNPL providers which may charge a high fee, there are no additional fees to businesses when customers choose to pay with CommBank’s BNPL,” Angus Sullivan, CBA group executive for retail banking services, said.
this can only end badly for low income families or those on centrelink payments
95% only bad news(