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The BNPL market is hot, growing and brings the threat of global disaster
- Tuesday | 10th August, 2021
Citi in the US is the latest to launch a BNPL product in Australia, in partnership with Diner’s Club. The headline for that story was that Citi has ‘blurred the lines’ between a credit card and a BNPL solution. The people who find BNPL attractive are exactly the people who are not the best credit risks – those who face uncertain times, uncertain futures and uncertain career paths. Imagine they loaned the customer the money, and then things went seriously wrong, interest rates went up, and the customer defaulted. Let us hope, particularly now that markets are bubbling over, that the BNPL craze does not trigger another global financial disaster.
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