#BNPL schemes to be #regulated #poverty #auspol
https://thenewdaily.com.au/finance/finance-news/2023/05/22/buy-now-pay-later-crackdown-2/?utm_campaign=Morning%20News%20-%2020230523_State%20Update%20Template&utm_medium=email&utm_source=Adestra&lr_hash=

Millions of Australians have buy, now pay later (#BNPL) accounts, but the easy credit may soon be harder to come by, with the government promising an industry crackdown by the end of the year. #ausecon #aboutTime

https://www.abc.net.au/news/2023-03-01/buy-now-pay-later-regulations-zip-pay-afterpay-end-of-year/101989020

Back in May 2022, the finest economy journalist in Sweden, Andreas Cervenka, reported that Klarna were bleeding out at a rate of 3 million SEK/hour. That's around 300,000 euro/hour.

Today Klarna report a loss of 1 billion USD for 2022. That's 47% more of a loss than they bled out in 2021.

https://www.finextra.com/newsarticle/41878/klarna-reports-1-billion-loss

https://www.aftonbladet.se/nyheter/kolumnister/a/x8jgv8/andreas-cervenka-verkligheten-har-hunnit-ikapp-klarna-kry-trustly-och-storytel

Can you imagine their marketing–team meetings?

'Oh drat! We've gotta make it seem like we're not dying from making teenagers go into life–long debt! I know! Let's introduce charges for late payments!'

They actually did just that yesterday: https://www.finextra.com/newsarticle/41870/klarna-uk-to-introduce-charges-for-late-payments

In 2021, Siemiatkowski bragged that part of Klarna's success is because of financing via savings accounts and the fact that Klarna pays lower interest rates than a major bank like Crédit Agricole. This is due to the fact that Sweden has a higher credit score than France.

The average purchase via Klarna is 75 USD. In 2020 and 2021, Klarna sent 72,000 payment injunctions to the Swedish Enforcement Authority. This means 72,000 payments were not met in time.

The best customer is the one that doesn't pay at once, but gets a reminder and then a debt collection claim.

Niklas Adalberth, Klarna founder, at an investment conference in 2014.

In 2020, the record number of Swedes who'd applied for debt relief was broken. The problem was particularly big for people between 18 and 30 years old.

In other words, BNPL companies trap young people in debt; now, ironically enough, the future has come for Klarna and their ilk to pay.

https://pivic.blog/blog/klarna-pays/

#klarna #bnpl #BuyNowPayLater #capitalism #debt #CrimePays

On diabolical 'buy now, pay later' companies, it's worth mentioning that Klarna's business *alone* made Sweden create a law against their practices because they made money off casting young people into long–term damaging economical debt. This affected an unprecedented number of youths who couldn't pay their debts back in time.

'The best customer is the one that doesn't pay at once, but gets a reminder and then a debt collection claim.'

—Niklas Adalberth, Klarna founder, at an investment conference in 2014.

I've written more about Klarna: https://pivic.blog/blog/klarna-pays/

Ministers launch long-awaited consultation on buy now, pay later firms https://www.theguardian.com/business/2023/feb/13/ministers-launch-long-awaited-consultation-on-buy-now-pay-later-firms

#klarna #BNPL #capitalism #sweden #abuse #NiklasAdalberth #SebastianSiemiatkowski

Paidy 想要在日本搞 BNPL 真的有搞頭嗎..........
#BNPL

@kristin8x I disagree. Go without something for 2 weeks to make up the shortfall. I live below the poverty line in Australia and use #BNPL when needed. No other time.

We are living in a “society” where many of us are forced to buy groceries using #BNPL services like Afterpay.
We need to break the poverty machine before it breaks even more of us. #BTPM

The federal government is giving the impression of caring, but ducking the hard questions.

This issue is a *very* simple test.

BNPL should be treated like every other credit product.

Open and shut case.

#ausbiz #BNPL

https://www.smh.com.au/politics/federal/oversight-coming-for-booming-buy-now-pay-later-industry-20221120-p5bzqa.html?utm_medium=Social&utm_source=Twitter#Echobox=1668980784

又要開始搞 George & Mary （借錢 & 免還）了嗎？？？

不審核信用就提供月節制不是就是引誘那些自制力差的人走上絕路嗎？

#先買後付
#BNPL

https://youtu.be/4tGaKg5Mci0

RT @enricomolinari@twitter.com

How banks’ branch closures are spawning alternatives

via @Raconteur@twitter.com https://www.raconteur.net/finance/banks-branch-closures-innovative-alternative/?utm_source=ActiveCampaign&utm_medium=email&utm_content=How+firms+are+focusing+on+L%26D+to+tackle+the+talent+crisis&utm_campaign=Daily-newsletter-fri-20-may-6am via @enricomolinari@twitter.com

#fintech #BNPL #marketing #finserv

@PVynckier@twitter.com @BristowColin@twitter.com @davebart@twitter.com @segundoatdell@twitter.com @ChristianMcM@twitter.com @barbmaclean@twitter.com @devindthorpe@twitter.com @simonhodgkins@twitter.com @GersonRolim@twitter.com @NafisAlam@twitter.com

🐦🔗: https://twitter.com/enricomolinari/status/1527649594129231873