CBA to fire up competition in buy now, pay later

CBA to fire up competition in buy now, pay later
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The anticipated launch of Commonwealth Bank of Australia’s buy now, pay later product, StepPay, in early August could herald a new wave of highly credentialled retail banks starting to compete across the buy now, pay later [BNPL] sector.
One of the first symptoms of this new competition could be lower merchant fee margins, according to one of the country’s top-rated banking analysts, Brian Johnson, at Jefferies.
Jefferies banking analyst Brian Johnson said an early August launch for StepPay could be comparable to Aussie Home Loans entry into the mortgage market in the 1990s.  

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