Almost eight million British shoppers who utilised 'buy now, pay later' (BNPL) services had outstanding amounts of £538 ($740) on average, totaling £4.14 billion ($5.49 billion) in the UK.

According to Credit Karma research, over half (48%) of BNPL purchases are for non-essential things like gadgets, cosmetics, or vacations, and 31% of Brits plan to use the service more as the Christmas season approaches.

But BNPL debt could be impacting consumers' credit score and ability to get a mortgage.&nbsp;

Customers may stagger payments for things like clothes, footwear, cosmetic items, and furniture with no interest or fees if they pay what they owe on time, according to a rising number of firms including Klarna, Clearpay, and Laybuy.

Hundreds of online stores, like Asos, H&amp;M, Boohoo, and JD Sports, offer the option to buy now and pay in three monthly or six weekly instalments.

According to official figures, the usage of BNPL in the UK nearly doubled in 2020, reaching £2.7 billion in transactions.

According to a Financial Conduct Authority study, 5 million consumers utilised a BNPL product between the start of the epidemic and the end of last year.&nbsp;

(With inputs from agencies)

Almost eight million British shoppers who utilised 'buy now, pay later' (BNPL) services had outstanding amounts of £538 ($740) on average, totaling £4.14 billion ($5.

Almost eight million British shoppers who utilised 'buy now, pay later' (BNPL) services had outstanding amounts of £538 ($740) on average, totaling £4.14 billion ($5.49 billion) in the UK. According to Credit Karma research, over half (48%) of BNPL purchases are for non-essential things like gadgets, cosmetics, or vacations, and 31% of Brits plan to use the service more as the Christmas season approaches. But BNPL debt could be impacting consumers' credit score and ability to get a mortgage. Customers may stagger payments for things like clothes, footwear, cosmetic items, and furniture with no interest or fees if they pay what they owe on time, according to a rising number of firms including Klarna, Clearpay, and Laybuy. Hundreds of online stores, like Asos, H&M, Boohoo, and JD Sports, offer the option to buy now and pay in three monthly or six weekly instalments. According to official figures, the usage of BNPL in the UK nearly doubled in 2020, reaching £2.7 billion in transactions. According to a Financial Conduct Authority study, 5 million consumers utilised a BNPL product between the start of the epidemic and the end of last year. (With inputs from agencies)

Britishers in debt of more than $5.49 billion for ‘buy now, pay later’ services

Apple Inc is working on a service that will let users pay for purchases in instalments, Bloomberg News reported on Tuesday, sending shares of Afterpay Ltd and other "buy now, pay later" (BNPL) companies sharply lower. 
 
The US&nbsp;tech giant will use Goldman Sachs, its partner since 2019 for the Apple Card credit card, as the lender for the loans, Bloomberg reported, citing people familiar with the matter. 
 
Shares of Australia-listed Afterpay, the country's biggest BNPL provider, slid close to 10% in Wednesday trading. Smaller rival Zip Co Ltd and Sezzle also fell sharply. Nasdaq-listed Affirm Holdings Inc tumbled more than 14% on Tuesday before closing down 10.5%. 
 
The BNPL industry has boomed over the past year due to a pandemic-driven surge in online shopping. The trend has also attracted the attention of mainstream firms such as PayPal Holdings Inc. 
 
The prospect of going up against a company the size of Apple, as well as other likely entrants, would pose a major test to pure-play BNPL firms which have so far gone largely unchallenged. 
 
The Bloomberg report said Apple Pay users would be allowed to split their payments into four interest-free instalments, or across several months with interest. 
 
A Goldman Sachs spokesperson declined to comment. Apple was not immediately available for comment. 
 
Such an offering would rival similar services by Klarna, Afterpay, Zip's Quadpay and Affirm in the United States, the sector's key growth market where competition is intense. 
 
PayPal launched its BNPL service in Australia on Wednesday, challenging Afterpay on its home turf where the U.S. payments giant said it would do away with late fees, an area that earned Afterpay close to A$70 million in fiscal 2020. 
 
A Zip spokesman said Apple`s reported move was "validation that what Zip has been doing is resonating with customers and merchants" and that it was growing customer numbers despite increased competition.

Apple Inc is working on a service that will let users pay for purchases in instalments, Bloomberg News reported on Tuesday, sending shares of Afterpay Ltd and other "buy now, pay later" (BNPL) companies sharply lower.

Apple Inc is working on a service that will let users pay for purchases in instalments, Bloomberg News reported on Tuesday, sending shares of Afterpay Ltd and other "buy now, pay later" (BNPL) companies sharply lower. The US tech giant will use Goldman Sachs, its partner since 2019 for the Apple Card credit card, as the lender for the loans, Bloomberg reported, citing people familiar with the matter. Shares of Australia-listed Afterpay, the country's biggest BNPL provider, slid close to 10% in Wednesday trading. Smaller rival Zip Co Ltd and Sezzle also fell sharply. Nasdaq-listed Affirm Holdings Inc tumbled more than 14% on Tuesday before closing down 10.5%. The BNPL industry has boomed over the past year due to a pandemic-driven surge in online shopping. The trend has also attracted the attention of mainstream firms such as PayPal Holdings Inc. The prospect of going up against a company the size of Apple, as well as other likely entrants, would pose a major test to pure-play BNPL firms which have so far gone largely unchallenged. The Bloomberg report said Apple Pay users would be allowed to split their payments into four interest-free instalments, or across several months with interest. A Goldman Sachs spokesperson declined to comment. Apple was not immediately available for comment. Such an offering would rival similar services by Klarna, Afterpay, Zip's Quadpay and Affirm in the United States, the sector's key growth market where competition is intense. PayPal launched its BNPL service in Australia on Wednesday, challenging Afterpay on its home turf where the U.S. payments giant said it would do away with late fees, an area that earned Afterpay close to A$70 million in fiscal 2020. A Zip spokesman said Apple`s reported move was "validation that what Zip has been doing is resonating with customers and merchants" and that it was growing customer numbers despite increased competition.

Apple's potential 'buy now, pay later' plan sends sector tumbling

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