FinTech Magazine March 2024 | Page 5

FOREWORD

BNPL : IS MORE CONSUMER PROTECTION NEEDED ? Buy Now , Pay Later ( BNPL ) is becoming the payment method of choice for consumers looking to spread costs in hard times . But are regulations up to scratch ?

“ AMID A PROTRACTED COST-OF-LIVING
CRISIS AND LINGERING MACROECONOMIC
VOLATILITY , BNPL HAS ONLY BECOME
INCREASINGLY ATTRACTIVE ”
Today , Buy Now , Pay Later ( BNPL ) is the payment method of choice for many looking to spread the costs of their purchases interest-free . Amid a protracted cost-of-living crisis and lingering macroeconomic volatility , BNPL has only become increasingly attractive .
In this issue , we track the rise of BNPL and the subsequent scrutiny it has come under from regulators . Indeed , the UK ’ s Financial Conduct Authority ( FCA ) and US ’ Consumer Financial Protection Bureau ( CFPB ) are continuing to work alongside providers to foster a culture of transparency where consumer protection is prioritised .
Last year saw the FCA introduce new Consumer Duty rules to raise the standard to which BNPL firms must act responsibly to customers . However , regulations aren ’ t the same in every market and , as the service evolves , regulations will continue to mature alongside it .
We ’ ll also explore the rise of credit unions as a re-emerging challenger to incumbent banks , and take a look at the current fintech investment landscape .
Don ’ t forget to check out our Top 10 , too , which sees us look at the world ’ s leading banks , and you can look back at ‘ The Month That Was ’ for all the latest news from the world of fintech .
As always , you can catch more from us over at fintechmagazine . com .
Enjoy the issue .
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LOUIS THOMPSETT louis . thompsett @ bizclikmedia . com © 2024 | ALL RIGHTS RESERVED fintechmagazine . com 5