NAB's acquisition of Citi's Australia consumer banking portfolio has doubled its credit card market share at a time when competition from BNPL and Amex is rising and stress in the economy builds.
Buy now pay later
Driven by younger consumers, lower fees and debt aversion, debit cards have grown strongly for two decades, largely at the expense of traditional credit cards. But the shift seems to have halted.
Commonwealth Bank bought into BNPL at the height of its run before starting its own brand. Now its stake in Klarna may deliver it $1.7 billion.
Afterpay, one of Australia’s most recognisable startups, made history when it sold for $39 billion. Two years later and amid major upheaval at parent Block, insiders say its future is in doubt.
Afterpay's founders may have pulled off one of the most miraculous exits in Australian startup history. But the VC fund they left behind could be on its last legs as investors push for it to be liquidated.
If ever there was a business model for the times it was buy now, pay later. Load up young consumers with debt on the promise there was no interest cost, charge merchants high service fees to cover marketing, and rely on cheap funding, FOMO and a very benign credit cycle.
Former staff believe the Square and Afterpay owner may not proceed with plans to launch its financial super app in Australia.
Former staff at Afterpay are concerned about the Australian born buy now, pay later platform's survival after a clumsy integration into parent company Block and internal cultural clashes.
The festive season is a crucial proving ground for how spenders and sellers want to transact. Will more want to do it on the real-time NPP this year?
Personal loan financier Harmoney is shopping around for new debt and has appointed Grant Samuel to advise it.
