Big banks play catch-up with fintech start-ups in deferred payments

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Financial Times 1d ago

Big banks play catch-up with fintech start-ups in deferred payments - Financial Times

Quick Summary:

In some cases, they are seeking to offer the service as a loss-leader to entice consumers into fee-generating chequing and savings accounts.“This is one of the big reasons banks have lost some market share to fintechs, so this is partly a defensive move,” said Aaron McPherson, founder of AFM Consulting.“Other banks will follow.

Banks are trying to catch up to one of the hottest trends in consumer finance and head off competition from fintech start-ups, allowing clients to buy what they want when they want it and pay later on instalment — usually interest free.

JPMorgan announced a new partnership with Affirm in February to offer the instalment loans to its 900,000 business clients, after introducing the so-called buy now, pay later options for its consumer card customers a few years ago.