Buy now, pay later lender LatitudePay is pulling out of Australia.
The monetary providers firm introduced on Friday it could not be out there in Australia from April 11 this yr.
Major retailers equivalent to JB Hi-Fi, Kogan and The Good Guys use LatitudePay as a fee possibility, permitting clients to unfold a purchase order over 10 weekly interest-free funds.
“Your account will be accessible until your plan is fully paid and then we will close the account for you,” LatitudePay stated on its web site.
Existing clients can nonetheless make purchases earlier than April 11 and fee plans will proceed as scheduled till the steadiness is paid in full.
“Thank you for being a customer, we’ve loved helping you shop for life’s moments big and small, but we had to make the difficult decision to stop offering this service,” the corporate stated on its website.
It stated the choice was made due to the uncertainty across the sector.
“We have decided to stop offering LatitudePay services in Australia as a consequence of the uncertainty surrounding the future regulatory environment for the BNPL (by now, pay later) sector,” it stated.
It suggested retailers utilizing its service that it ought to take away it from promoting.
“Existing customers can continue to use our products. New customer applications will no longer be accepted from 28 February 2023. We suggest you remove any advertising as soon as possible,” it stated in recommendation to retailers.
“Customers still need to continue to pay. If they don’t, they will incur late fees and their credit file may be impacted.”
Source: www.perthnow.com.au
