Surge in ‘buy now, pay later’ schemes across UK

BUY now, pay later (BNPL) schemes were the fastestgrowing online payment method in the UK last year, according to a report.

Such schemes are predicted to account for 10 per cent of UK e-commerce spending by 2024.

Overall, BNPL spending in the UK will balloon from

£9.6 billion in 2020 to £26.4bn in 2024, the research predicts.

The global report was compiled by payment processing technology provider Worldpay, a brand of Fidelity Information Services (FIS).

It said 2020 “catapulted payments years ahead of where they were projected to be”, with rapid digital changes taking place against the backdrop of the coronavirus pandemic.

Pete Wickes, general manager, Europe, Middle East and Africa at Worldpay from FIS, said: “Buy now, pay later services continue to appeal to consumers’ thirst for seamless user experiences.

“The payments landscape is evolving at pace to respond to consumers’ drive for convenience and the ability to have more flexibility in their purchasing decisions.

“We predict that the BNPL sector will not slow down, with the UK market seeing double-digit expansion over the next few years.

“As this happens, it’s important that the frameworks that govern and protect consumers and merchants also adapt to ensure that there continues to be trust and reliability in payments technology.”

The Worldpay report said BNPL services were the fastest-growing online payment method in the UK for the second year in a row, and this trend is expected to continue over the next four years.

It also said that in Europe, cash use declined particularly sharply in the UK and France last year, with less drastic declines in Germany.

The Worldpay 2021 Global Payments Report was compiled using a survey of 46,000 consumers globally.

HONG Kong chief executive Carrie Lam has given her clear support to electoral reforms that would be likely to further exclude opposition voices and cement Chinese control over the semi-autonomous city.

Her comments came a day after a senior Beijing official signalled major changes to ensure Hong Kong is run by “patriots”, a sign that China intends to no longer tolerate dissenting voices, 23 years after the former British colony was handed over to Chinese rule with a promise it could maintain its own rights and freedoms for 50 years.

Following China’s imposition of a sweeping national security law on the city last year, authorities have moved to expel members of the city’s Legislative Council deemed insufficiently loyal and rounded up veteran opposition leaders on charges including illegal assembly and colluding with foreign forces.

Government critics and Western governments accuse Beijing of going back on its word and effectively ending the “one country, two systems” framework for governing the Asian financial hub.

Ms Lam said political strife and unrest in the city showed some people are “rather hostile” to the central authorities in China.

“I can understand that the central authorities are very concerned, they do not want the situation to deteriorate further in such a way that ‘one country, two systems’ cannot be implemented,” she said.

The Hong Kong government also said it plans to require district councillors – many directly elected by constituents and who tend to be more politically independent – to pledge allegiance to Hong Kong as a special region of China.