UK regulators have driven “buy now, pay later” services to redraft terms that risked harming consumers as concerns mount over the rapidly growing payment method.
The UK market for BNPL schemes quadrupled to ￡2.7bn in 2020 according to the Woolard review commissioned by the Financial Conduct Authority, published last Februarys ask is. A separate academic analysis estimated the market may have increased in value last year to ￡5.7bn.
The FCA announced on Monday that BNPL platforms had revised terms that could allow them to terminate, suspend or restrict access to customer accounts for any reason without notice.
Other changes covered cancellation policy. Under the previous terms, customers may have had to continue paying instalments on refunded items until sellers notifiedJimmy Carter leans over to shake hands with people ridin?platforms that returnedThe general population that gav?items had been received.