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NatWest to enter BNPL market in the UK

Wednesday 23 March 2022 15:00 CET | News

UK-based bank NatWest has announced its debut in the Buy Now, Pay Later market in the summer of 2022.

NatWest says its new proposition will give its customers the convenience to make a purchase almost anywhere that accepts Mastercard. Gambling, cash advances and balance transfers will be excluded from the roll out, which will initially be made available to the bank's customers in England, before heading north to Scotland and across the Irish sea to Northern ireland.

The product will offer a pre-determined fixed credit limit and customers will be able to keep track of payments and instalment plans via the bank's mobile app.

According to Atmia.com, FCA will be preparing new rules to reign in the ascending BNPL industry amid fears of rampant debt build-up. In this context, NatWest officials reportedly stated that the bank will use credit scoring and affordability checks to determine each customer's credit limit.


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Keywords: product launch, BNPL, FCA, mobile banking, credit scoring
Categories: Payments & Commerce
Companies:
Countries: United Kingdom
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Payments & Commerce






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