How the ‘buy now, pay whenever’ culture is taking off across the globe amid Covid-19 – The National

SourceThe National
SectorEconomy
CountryUnited Arab Emirates

Swelling subscriber numbers as a result of the shift to online shopping may also increase bad loans, mainly among first-time users who are more likely to default A logo for Afterpay and Zip on a store window in Sydney, Australia. The companies are among a handful of alternative credit firms which offer small loans, mostly to online shoppers, and make their money by charging merchants commission. Reuters Browsing online during lockdown, Jessica Friend spotted a pair of Ray-Ban sunglasses she liked, but the price tag made the 30-year-old US resident think twice. What persuaded her to click 'buy', Ms Friend says was the short-term credit offered by Afterpay, which split the $260 (Dh955) payment into four interest-free instalments. Afterpay is among a...read more...