Finance

UK to regulate buy now pay later (BNPL) firms like Klarna and Clearpay

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The logo of Swedish payment provider Klarna is shown on the display of a smartphone on April 22, 2020 in Berlin, Germany.

Thomas Trutschel | Photothek | Getty Images

LONDON — Popular “buy now, pay later” shopping services like Klarna will fact stricter regulation under proposals announced by the U.K. government Tuesday.

The Treasury said buy now, pay later (BNPL) firms would come under the supervision of the Financial Conduct Authority (FCA), which regulates financial services firms and markets in Britain.

Such firms will also be required to conduct affordability checks before lending to customers, the government said.

BNPL products are used as an alternative to credit cards and have…



Source cnbc.com

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