Sdf4786k Twincharged February 8, 2021 Share February 8, 2021 (edited) Looks like the pandemic may have influnce some runaway spending as cheap credit was avalable. But if there is job losses, the domino effect is frightening. I am also guilty of using BNPL for 6 months of interest free for my car insurance. https://fintechnews.sg/48066/lending/mas-mulls-regulating-bnpl-schemes-amidst-concern-of-rising-consumer-debt/ The BNPL solution popularised by Swedish startup Klarna offers flexible payment plans to its consumers allowing them to spread out their payments into several installments over an extended period of time. This presents a worrying trend as globally, the BNPL market is projected to expand from $7.3 billion in 2019 to approximately $33.6 billion in 2027 according to a report from Coherent Market Insights. Meanwhile closer to home, approximately 1.1 million Singapore residents which amounts to about 38% of the nation’s population, has used some type of BNPL solution according to a consumer survey by Finder in October 2020. The rise in BNPL solutions came in the wake of the COVID-19 pandemic, appealing to the cash-strapped consumers with its flexible payment plans. Often touted as interest-free, most consumers do not realise that they would be subject to late payment fees, unknowingly raking up debt. MAS is not alone in this as UK’s Financial Conduct Authority (FCA) have declared that the BNPL solutions offered will be covered by stricter rules as billions of pounds were being lent in unregulated transactions. Additionally, Australian Securities and Investments Commission (ASIC) who serves as the corporate watchdog had also raised concerns over the BNPL solutions as one in five consumers were reported to have missed payments and were facing financial distress. ASIC said that consumers were making do without essentials or have resorted to taking out additional loans to cope with the BNPL payments. Edited February 8, 2021 by Sdf4786k ↡ Advertisement 1 2 Link to post Share on other sites More sharing options...
Chongster 6th Gear February 8, 2021 Share February 8, 2021 Knn, How is buy now pay later a new thing? Just because someone came up with an acronym for it? Knn, is not even our national standard 3 letter acronym 2 6 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator February 8, 2021 Share February 8, 2021 A lot of businesses depend on this kind of business model to flourish one. Like courts and Harvey norman. Just that nowadays event smaller ticket retailer can have the flexibility to do BNPL with vendor like atome and all. I think still better than borrowing from bank. Anyway, our gahmen say our employment rate have gone back to before-covid19. So employment problem solved! 3 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear February 8, 2021 Share February 8, 2021 Banning BNPL is anti poor. Rich people don't need to use such schemes or have other means to easy credit so banning it only leaves poor people to do without. Link to post Share on other sites More sharing options...
1fast1 Supersonic February 8, 2021 Share February 8, 2021 I don't see a problem with BNPL if you really have a mechanism in place to pay on (or before) time and you actually have the means to pay. It's free money if it's interest free. Are GIRO arrangements or Standing Instructions for future date transfers accepted? That makes them "bulletproof" as long as you earmark the funds. But, in principle, if you need to consciously set aside that quantum of money, then you can't really invest with that either, so the point is missing. 8 Link to post Share on other sites More sharing options...
Jamesc Hypersonic February 8, 2021 Share February 8, 2021 I offer PNML to all my massage customers. I offer Pay Now Massage Later packages. 4 Link to post Share on other sites More sharing options...
Jamesc Hypersonic February 8, 2021 Share February 8, 2021 2021 got a lot of skyscrapers completed. In the history of man everytime many skyscrapers completed got stock market crash and recession. I trust the skyscraper principle. Link to post Share on other sites More sharing options...
Jamesc Hypersonic February 8, 2021 Share February 8, 2021 Link to post Share on other sites More sharing options...
Jamesc Hypersonic February 8, 2021 Share February 8, 2021 The skyscraper effect is an economic indicator linking the construction of the world’s tallest skyscrapers with the imminent onset of an economic recession. The theory that there is a positive correlation between the development of mega-tall buildings and financial downturns was developed by British economist Andrew Lawrence in 1999. The skyscraper effect is also known as the Skyscraper Index. Link to post Share on other sites More sharing options...
Yeshe Turbocharged February 8, 2021 Share February 8, 2021 2 hours ago, ToyotaShuttle said: Banning BNPL is anti poor. Rich people don't need to use such schemes or have other means to easy credit so banning it only leaves poor people to do without. We should close this thread becos mcf only full cash, simi BNPL 2 6 Link to post Share on other sites More sharing options...
Magfocus 5th Gear February 8, 2021 Share February 8, 2021 3 hours ago, Jamesc said: The skyscraper effect is an economic indicator linking the construction of the world’s tallest skyscrapers with the imminent onset of an economic recession. The theory that there is a positive correlation between the development of mega-tall buildings and financial downturns was developed by British economist Andrew Lawrence in 1999. The skyscraper effect is also known as the Skyscraper Index. Hows your mom in law related to all of this? 1 Link to post Share on other sites More sharing options...
Jamesc Hypersonic February 8, 2021 Share February 8, 2021 22 minutes ago, Magfocus said: Hows your mom in law related to all of this? She BNPL. 1 Link to post Share on other sites More sharing options...
yishunite Turbocharged February 8, 2021 Share February 8, 2021 6 hours ago, ToyotaShuttle said: Banning BNPL is anti poor. Rich people don't need to use such schemes or have other means to easy credit so banning it only leaves poor people to do without. Teaching ppl about delayed gratification is pro consumer but anti finance industry. I support Link to post Share on other sites More sharing options...
Jusnel 6th Gear February 8, 2021 Share February 8, 2021 What's new? We buy our cars and homes on BNPL model, expect it has interests. Anything new? Link to post Share on other sites More sharing options...
Ginyu 4th Gear February 8, 2021 Share February 8, 2021 Surprised that many are still doing well despite downturn but in reality they are under BNPL scheme🤣Ho kua bo ho jiak Link to post Share on other sites More sharing options...
Columbian78 6th Gear February 8, 2021 Share February 8, 2021 Can credit cards be considered buy now pay later? Its interest free, for a month. 4 1 Link to post Share on other sites More sharing options...
Angcheek Hypersonic February 8, 2021 Share February 8, 2021 The w"hole" economy is based on debt ... no debt no economy 😄 4 1 Link to post Share on other sites More sharing options...
Wt_know Supersonic February 8, 2021 Share February 8, 2021 BNPL sup sup sui .... besterest is Buy Now Pay and Pay .... keep paying to keep the economy going ... ↡ Advertisement Link to post Share on other sites More sharing options...
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