Weekly Headlines 17 December 2021

17th December 2021

41% of UK adults use BNPL because they can’t afford to pay for an item in one go

Klarna partners with GoCardless

Butter is now providing a BNPL extension for the Opera browser

Major UK banks agree to create a network of shared banking hubs to ensure communities have fair access to cash

Nuvei to roll out crypto-to-fiat debit cards across Europe

Stripe identifies 42% of top businesses make mistakes when formatting payment information

UK retailers battle against Visa and Mastercard over charging fees

 

41% of UK adults use BNPL because they can’t afford to pay for an item in one go

New research by financial advice service OpenMoney found that 57% of adults aged 18 to 50 have now used BNPL – up from half (49%) last year. The survey among 2,000 UK adults found that the most frequently bought items using BNPL are laptops, phones and other tech items, followed by clothes and holidays. 41% of respondents said they use it because they can’t afford to pay for an item in one go, double the number who feel it makes financial sense to spread the cost (20%).

 

Klarna partners with GoCardless

Klarna is now partnering with GoCardless in the US for its Pay in 4 offering and its financing solution.

 

Butter is now providing a BNPL extension for the Opera browser

Butter is now providing a BNPL extension for the Opera browser, enabling desktop shoppers to spread payments on any e-commerce product purchased online.

 

Major UK banks agree to create a network of shared banking hubs to ensure communities have fair access to cash

Major UK banks have agreed to create a network of shared banking hubs to ensure communities have fair access to cash. The agreement comes amid mounting pressure over UK bank branch closures as more people switch to mobile and online banking. LINK will take up a new independent co-ordinating role.

 

Nuvei to roll out crypto-to-fiat debit cards across Europe

Nuvei is to roll out crypto-to-fiat debit cards across EU and the UK through its recently acquired subsidiary Simplex. The debit card allows consumers to sell their crypto holdings at the click of a button, while being able to spend the resultant funds instantly anywhere that Visa is accepted.

 

Stripe identifies 42% of top businesses make mistakes when formatting payment information

On its ‘The state of European checkouts in 2021’, Stripe has identified 42% of top businesses made at least three mistakes when formatting payment information: 61% didn’t support address auto-complete; 10% of checkouts didn’t default to letting customers use their billing address as their shipping address; 75% didn’t allow customers to save their payment information for future use.

 

UK retailers battle against Visa and Mastercard over charging fees

UK retailers are gearing up battle against Visa and Mastercard over charging fees. Fashion retailers Levi, Superdry and AllSaints are being advised by lawyers at Stephenson Harwood as they seek compensation for historically high transaction fees.

 

PSE Innovation Videos

Codat – Opportunities for Open Finance

In this full length conversation with Yasamin Karimi from Codat we discuss the benefits of Open Finance to acquirers as they seek to onboard new customers and carry out credit checks. Yasmin highlights the emerging opportunities of combining accounting, Open Banking, and commerce platform data to create a rounded view of where a business has been, its current cash position and its order pipeline.

Contact Us