Buy now pay later

The American Fintech Council requested a 30-day extension for buy now/pay later providers to submit information about their businesses to the New York Department of Financial Services. New York is the first state to institute a law specifically regulating BNPL.

The payment company is collaborating with Brazil's national real-time payment network to reach more e-commerce merchants, while adding Affirm as an option to its in-store point of sale system. That, and more in the American Banker global payments and fintech roundup.

The lender, which uses existing credit balances to fund installment loans, has linked to Samsung Pay and plans other partnerships in the future to build a global merchant network.

Affirm and FICO earlier this year took the first steps to incorporate buy now/pay later loans into consumer's credit reports. But it will be some time before lenders start making credit decisions based on the short-term installments, even if holdouts like Afterpay and Klarna decide to report to the credit bureaus.

As the payment technology company diversifies revenue streams, buy now/pay later was a key driver in beating analysts' estimates for Marqeta's second-quarter earnings.

The credit card issuer renewed and extended its 15-year partnership with Amazon and touted fresh partnerships with Walmart and PayPal as wins, but lowered its full-year guidance due to lower purchase volumes and higher payment rates.

The Federal Reserve governor said the uptick in buy now pay later repayment issues is likely a sign that consumers don't understand the terms of the emerging credit offering.

Joe Heck, Zip Co.'s U.S. CEO, spoke with American Banker about recent criticisms of the BNPL industry as more consumers turn to it for purchases both big and small.

The USDC issuer has added fintechs from Brazil and the U.K. to boost distribution. Plus, Klarna pumps the gas on AI and more in the global payments and fintech roundup.