Buy now, pay later services have to act more like credit card providers now

May 23 2024 by The Verge

 
Image: Hugo Herrera / The Verge

Buy now, pay later services — or BNPL for short — are now beholden to some of the same rules as credit card providers. On Thursday, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that classifies BNPL services as credit card providers and requires them to investigate disputed purchases, among other things.

BNPL services let customers purchase a product and then pay for it in a series of interest-free installments. Under...

Continue Reading Buy now, pay later services have to act more like credit card providers now