Another challenge to traditional banking is emerging from “buy now, pay later” (BNPL), which enables shoppers to spread their payments for goods, sometimes with no interest or credit check but a fee for late instalments. Square, a payments firm run by Jack Dorsey, has offered to buy Afterpay, based in Melbourne and a global pioneer in BNPL, for $29bn, Australia’s biggest-ever takeover. Regulators have expressed concern about BNPL’s lax lending rules. The industry has ballooned during the pandemic. Apple is said to want to enter the market. |