CFPB’s BNPL Report And Other Digital Transactions News briefs from 3/2/23

“While many [buy now, pay later] borrowers who we observed used the product without any noticeable indications of financial stress, BNPL borrowers were, on average, much more likely to be highly indebted, revolve on their credit cards, have delinquencies in traditional credit products, and use high-interest financial services such as payday, pawn, and overdraft compared to non-BNPL borrowers,” concludes a report on BNPL released early Thursday by the Consumer Financial Protection Bureau. The report estimates “a majority” of BNPL users would incur interest rates between 19% and 23% if they had used a credit card instead.
Gift card technology provider Factor4 LLC said it has completed a gift card integration with On the Fly POS, a cloud-based point-of-sale system. A loyalty integration will come next, Factor4 says.
Payments platform Tipalti Inc. said it processed transaction volume of $43 billion last year on a client base of more than 3,000. Total transactions increased 50%, though the company did not release a number.
Garmin Ltd. introduced the Forerunner 265 and Forerunner 965 running smartwatches that both feature Garmin Pay contactless payments capability.
DocuPhase, a platform for payments technologies and other business functions, said it has acquired iPayables, a provider of accounts-payable technology. Terms were not announced.

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