YES
NOT ALL Buy Now Pay Later (BNPL) firms are born equal. When
NO
BNPL schemes are a popular feature online. They allow shoppers to spread the cost of purchases across many months, often interest-free. They're a useful tool for millions of people who use deferred payment schemes responsibly and infrequently, perhaps to spread out the costs of several Christmas presents or to offset an emergency purchase. People who use these schemes irresponsibly can end up in debt. Predictably, providers are blamed. Yes, there should be ways to fight fraud and providers should be in touch with credit reference agencies to ensure consumers are not spending beyond their means. New regulation is unnecessary to protect consumers. It could also undermine these services. Regulating away services that enable us to flexibly spend our money would be a great loss. Morgan is from the ASI
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