Buy now, pay later is a popular payment method, but the sector is facing a perfect storm of rising interest rates, bad debts, a crowded marketplace and looming regulation.
"In my view, I think Afterpay would be lucky to be trading at $20 today if it were a standalone business," Mr Beadle said.
Zip Co's stocks plummeted 93 per cent, down from $8.21 to 53 cents in a year. It is planning to buy Sezzle, which has tumbled 96 per cent, from $8.24 to 30 cents. Zip's percentage sits at 9.7 per cent, followed by non-ASX-listed major players Klarna's and Affirm's . Some BNPL companies have signed up to a voluntary code of practice, which consumer advocates argue does not contain enough protections."[I'm] not interested in having an argument about whether or not this is credit. It clearly is," he said.Stephen Jones says BNPL will be regulated by mid-2023.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Contemporary photography rising, but would you pay $200K?Photographs have become highly collectable globally and some works fetch up to $200,000. But are they worth investing in, asks Stephen Crafti? | OPINION
Read more »
Community gardens offer free produce — and a chance to learn new skills — as rising costs biteWith the cost of lettuce and other vegetables on the rise, community gardens could be the answer many Australians been searching for.
Read more »
Cooper Energy plans $245m raising to buy APA’s OrbostCooper Energy’s set to brave wild equity markets and seek to raise $245 million fresh equity this week.
Read more »
NSW to trial shared equity scheme to help nurses, teachers buy homesThe NSW government will contribute an equity share up to 40 per cent for a new property or up to 30 per cent for an existing property under $950,000 in Sydney and other major regional centres.
Read more »
NRMA, St Baker buy into $50m agtech fund MandalayMark Gustowski’s new agtech fund Mandalay Venture Partners has brought on the former Novonix CEO and the roadside assistance provider.
Read more »