Dwindling BNPL numbers show tough reality even as accreditation deadline passes
AS QUICKLY as they bloomed, “buy now, pay later” (BNPL) players have wilted in the face of the rising costs of funds.
The Singapore FinTech Association said five BNPL service providers were on track to get accredited last month. This would have allowed them to display a trust mark proclaiming their compliance with the BNPL Code of Conduct.
The Code was launched by providers in October 2022 to serve as a check against unscrupulous behaviour such as the levying of hidden fees, and to ensure transparency for consumers. All BNPL service providers were required to be accredited by Mar 31.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Opinion & Features
Singapore offices await a new wave of tenants
Musk has made Tesla a meme stock
The dog ate Japan’s plan to phase out coal power
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
Last rides and last rites: The rise of the limousine hearse
Beyond US aid, Ukraine needs European allies to step up