A boom in online shopping is intensifying competition in the buy-now-pay-later (BNPL) financing sector
Swedish “buy-now-pay-later” lender Klarna is launching in Canada, as a boom in online shopping is intensifying competition in the sector.
Providers such as Klarna, PayBright, Sezzle and Afterpay have also simplified the process, allowing online shoppers to choose BNPL plans with one click. Last August, e-commerce giant Amazon.com Inc. latched on to the trend, striking a deal with Affirm to launch a buy-now-pay-later option at checkout for U.S. customers.
Roughly 70 per cent of the company’s revenue comes from retailers’ fees, Mr. Siemiatkowski said. Retailers pay to offer BNPL because it can help persuade customers to make a purchase or to spend more. “Regulators may start looking at [BNPL] more closely in terms of, how can we prevent some of the dangers that might occur if people aren’t paying it back,” said Brigitte Goulard, co-head of the Consumer Protection practice and Fintech group at law firm Torys LLP, and a former deputy commissioner of the Financial Consumer Agency of Canada .
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