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Paying Later

Buy-Now-Pay-Later Tech Pioneers Squeezed as Big Banks Muscle In

  • Retail giants such as NatWest now offering short-term credit
  • Cost of living pressures could push borrowing even higher
The offices of HSBC Holdings Plc, left, and Barclays Plc, right, in the Canary Wharf, London.
The offices of HSBC Holdings Plc, left, and Barclays Plc, right, in the Canary Wharf, London.Photographer: Chris Ratcliffe/Bloomberg

Tech mavericks who made buy-now-pay-later an option for shoppers worldwide are grappling with mounting losses and investor skepticism. Now big finance is on their tail. 

British retail giants NatWest Group Plc, HSBC Holdings Plc, Barclays Plc and Virgin Money as well as Visa Inc. and Mastercard Inc. have recently launched new ways to spread the cost of purchases as they cater to the gradual shift from credit cards to the kinds of services offered by newcomers Klarna Bank AB, Affirm Holdings Inc. and Afterpay