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news.com.au 26 Nov, 2021 01:30 am

Buy now, pay later providers reveal millions in losses

Buy now, pay later providers reveal millions in losses
Australian buy now, pay later providers have taken a beating on the stock market with shares plunging on average 80 per cent with the sector losing millions and a reported dive in consumer interest in the product.

Australian buy now, pay later providers have taken a beating on the stock market with shares plunging on average 80 per cent with the sector losing millions and a reported dive in consumer interest in the product.“Buy now pay later providers are normalising debt for really young Australians who are at the beginning of their financial independence and the decisions we make when young can have really long term implications for our future money,” she said.h4 ShopBack to buy regional buy now pay later giant Afterpay, Zip to face new parliamentary probe In what could add to the sector’s woes, the Reserve Bank of Australia (RBA) has also flagged changing rules to allow retailers to pass on the fees charged by BNPL providers to customers, potentially making the payment option far less attractive.3 million loss for the last financial year, which was up by almost 700 per cent compared to the last year.

Rival BNPL service Zip also reported a $652 million loss, a whooping 3000 per cent increase on last year, where it had announced a $20 million deficit.3 million loss for the last financial year.

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