Politics, Softbank Group Corp, Fintech, Banks, Internet, Mastercard Inc, Amazon.Com Inc, Square Inc, Paypal Holdings Inc

Politics, Softbank Group Corp

Klarna strengthens credit checks in the UK as regulators crack down on ‘buy now, pay later’

Klarna strengthens credit checks in the UK as regulators crack down on ‘buy now, pay later’

10/18/2021 2:04:00 AM

Klarna strengthens credit checks in the UK as regulators crack down on ‘buy now, pay later’

Klarna said it is introducing a number of changes in the U.K. including stronger credit checks and the ability to make instant payments.

The U.K. government is set to bring regulation to the industry amid concerns it encourages people to spend more than they can afford.The Klarna logo displayed on a smartphone.Rafael Henrique | SOPA Images | LightRocket via Getty ImagesLONDON — Swedish fintech firm Klarna on Monday said it is introducing a number of changes to its product in the U.K., as regulators in the country prepare to tighten regulation on the fast-growing "buy now, pay later" industry.

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One of the biggest updates Klarna is implementing is stronger credit checks; the company said a new feature will let users share income and spending data from their bank accounts to determine whether they can afford future repayments.Klarna said it will also launch the ability for users to make instant payments through its platform, as well as clearer language at checkout letting users know they are taking out a loan with the firm and that they may be penalized for missing a payment.

Klarna is one of the world's largest buy now, pay later, or BNPL, operators. Such services let shoppers split their purchases into monthly installments, typically interest-free. In 2020, aboutwere processed through a BNPL platform. Read more: CNBC »

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Fatal stabbing of British lawmaker David Amess called terrorist incident by UK policeBritish Conservative lawmaker David Amess has died after being stabbed multiple times at a constituency meeting east of London. That’s a Tuesday for America A Nice Medley: Lick my balls. Who gives a pile.

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Authorities call fatal stabbing of UK lawmaker terrorist actLEIGH-ON-SEA, England (AP) — Police say the stabbing of a long-serving member of Parliament during a meeting with constituents was a terrorist incident, and that they believe the attacker acted alone. Conservative lawmaker David Amess, 69, was attacked at a Methodist church in Leigh-on-Sea, a town about 40 miles east of London. Paramedics tried without success to save him. Police arrested the suspect and recovered a knife. Not true! I heard white supremist type Good

UK considering Turkish drones - Turkish technology minister says“The UK is interested in Turkish drones' says Turkey’s minister of industry and technology. 'Now they have to decide. And now they're seriously considering these options”