More customer checks on cards as Afterpay, Zip caught in UK crackdown
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Afterpay and Zip Co could be forced to conduct more detailed checks on United Kingdom customers, potentially dampening the industry’s growth after a government review said the buy now, pay later (BNPL) boom was putting some customers at risk.
As usage of BNPL products surges, investors expect some amount of regulation, and a review for the UK’s Financial Conduct Authority (FCA) said there was an urgent case for protecting consumers. Buy now, pay later providers offer instalment loans to shoppers, charging merchants or consumers a fee for the service.