![]() ![]() ![]() Klarna reports that default rates for its service remain consistently below 1 percent.īut critics of the growing industry say that, because they don't charge interest, BNPL services are more loosely regulated than credit cards, and don't offer the same consumer protections. ![]() 'If a customer's financial situation changes, we would be happy to help them get back on track.' 'We restrict the use of our services after missed payments and carry out robust checks on every transaction so we only lend to people who can pay us back as we lose out if customers can't repay,' the Klarna statement added. 'For years people have been shopping for their groceries on their credit card, but they've been stung with sky high interest rates - Klarna's interest free products are a better value alternative designed to stop people getting into unmanageable debt,' a Klarna spokesperson told in a statement. Supporters of the buy now pay later (BNPL) industry say that it offers an interest-free and consumer-friendly alternative to credit cards, which can rack up steep interest charges if balances are left unpaid. Zip, a company founded in Australia, says it has seen 95 percent growth in US grocery purchases, and 64 percent in restaurant transactions.Ĭhipotle is one of the restaurant chains that partners with Zip, allowing hungry Americans to put 25 percent down on a burrito and pay off the remaining installments over six weeks. Sweden-based Klarna, for instance, reported that grocery or household items accounted for more than half of the top 100 items purchased through the app. ![]()
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