Recent news of ANZ Bank finally capitulating and announcing their own version of Buy-Now-Pay-Later could be considered the canary in the coal mine for credit cards. At a time when Australians managed to wipe $1.1 Billion off their credit card debt in a single month, it could be argued this archaic form of providing credit could be on it’s way
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Please refer to my article “There’s no hardship or protections with BNPL if you get into trouble” where I talked about the ‘BNPL incentive’. BNPL companies need customers to be able to pay off their debt. Which is why your spending limit on a product like Afterpay starts low, and you need to make your first instalment payment upfront. Many
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There’s a consistent theme in regards to BNPL which often pits it as a predatory consumer product that doesn’t care for its users. The reality couldn’t be further from the truth. BNPL needs its users to have a good experience for it to maintain. We thought we would take a look into the idea that “There’s no hardship or protections
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Industrial action, COVID-19 disruptions and Christmas-level parcel volumes every week mean the lengthy delays people are experiencing in regards to their delivery times are here to stay, according to the boss of logistics software company Shippit. That’s why we here at SmartWayToPay think now’s the time to be considering shopping for Christmas. So what’re some top tips to saving on
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SmartWayToPay is calling on the federal government to cap credit card interest rates at 10% after ASIC recently confirmed that 1.9 million Australians were in persistent credit card debt. This comes at a time when it appears total personal credit card debt accruing interest in Australia appears to be locked at a consistent $20 billion, as it has remained for
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The credit card industry recently pounced on new rules that allow Buy Now Pay Later (BNPL) providers to report activity to credit reporting agencies. This is a continuation of the myth that simply having a BNPL account could mean young people won’t be able to get a loan. But what the payments industry dinosaurs neglect to mention is that credit
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A recent SMH opinion piece argued that Afterpay users are “suckers for the illusion of free”. What do we here at SmartWayToPay think?… Fair enough, there’s no such thing as a free lunch – BNPL does charge late fees and merchant fees, and Millennials are not mugs. We know that. But the piece is far too kind to credit cards
Read moreCustomers of major Australian health insurers can now add their membership card to an Apple Wallet and use it to file a claim with no contact. It appears to be a world first and just goes to show the progress and innovation there is in payments and in particular, in Australia. Medibank, Bupa, nib, and GU Health are all facilitating
Read moreCheck out the excerpt of Business Insider’s article about BNPL Myths below. Buy now, pay later (BNPL) products such as Afterpay or Zip Pay have increased in popularity in recent years, with the Covid-19 pandemic seeing customer growth increasing dramatically. It’s unsurprising why this is the case given the fact millennials are now 37% less likely to own a credit
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The witch hunt being carried out against Buy-Now-Pay-Later (BNPL) providers is being undertaken to stop the $4 Billion river of gold that is credit card interest from drying up. Afterpay and Zip have claimed that banks are forcing mortgage applicants to delete their BNPL accounts before approving their home loans. Zip boss Peter Gray claimed it’s the number one reason
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