By Elizabeth HowcroftLONDON (Reuters) - Reduced consumer spending, rising interest rates and trickier credit conditions spell trouble for Buy Now Pay Later lenders, raising the prospect of consolidation in the sector. There are more than 100 BNPL firms globally, according to S&P Global Market Intelligence's 451 Research. “Most Buy Now Pay Later providers don't have access to deposits, they generally aren't financial institutions," said Jordan McKee, principal research analyst at 451 Research. UK charity Citizens Advice said on Tuesday that half of 18-34 year olds in Britain had borrowed money to make their BNPL payments. "What the Apple move telegraphs to me is that increasingly Buy Now Pay Later is being seen as a feature, not a standalone business," said McKee.

Source: The Guardian June 10, 2022 11:12 UTC