UK bank NatWest has announced it will enter the “buy now, pay later” market later this year.
In Brief:
Its new proposition is set to work “almost anywhere” that Mastercard is used.
The offering will have a focus on “responsible lending”.
It will offer a fixed credit limit that’s predetermined and will exclude some aspects like gambling.
What does this mean?
NatWest seems to be offering a new product with keen awareness that the FCA is currently preparing new regulations for buy now, pay later – and the bank could use its current customer relationships, data and compliance to produce an alternative that is more focused on affordability for customers.
