Less than two years after its inception, British bank NatWest is discontinuing its buy now, pay later (BNPL) program.
Less than two years after its inception, British bank NatWest is discontinuing its buy now, pay later (BNPL) program.
According to The Sun, the bank will start shutting BNPL accounts in May as a result of weaker than anticipated demand.
"We are concentrating on our core lending products, which include credit cards, overdrafts, and loans, to assist customers in spreading the cost of their purchases. This implies that we will no longer be offering our Buy Now Pay Later option," a representative explains.
In 2022, NatWest joined the BNPL bandwagon, joining a number of other banks in an industry that had previously been controlled by specialized suppliers like Afterpay and Klarna.
According to a recent survey from the Centre for Financial Capability, the use of BNPL has increased dramatically in recent years. A third of UK individuals have now used the services, and this number rises to 40% among those aged 18 to 34.
In the meantime, the UK government has postponed its intentions to introduce new industry regulations.
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