Sunday Read: Why banks are rushing to jump on the lucrative BNPL bandwagon

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City AM

By Michiel Willems Virgin Money recently confirmed plans to enter Britain’s buy now, pay later (BNPL) market. The banking player is the latest player to start offering BNPL products, which generally can help people to spread the cost of purchases without adding to their overall cost. Earlier this year, another bank, NatWest, said that it planned to enter the BNPL market, enabling customers to split their purchases. There have been concerns, however, that it can be relatively easy for people to build up large amounts of debt, which they cannot always easily repay. More than two in five, recent,…

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