Another tough day at the office for the BNPL space with Z1P claiming the banks are exhibiting anti-competitive behavior by forcing the closure of BNPL accounts before approving home loans, personally I think they’re being a touch myopic here, they apply the same procedure towards credit cards, which in most cases are held by the banks themselves, although I do ponder if once the home loans approved are the same banks then offering the borrower their own credit card to replace the BNPL account? More work for the regulator along with the investigation into Apple’s (AAPL US) limits on access to its payment wallets – more mediation and fines feel the likely outcome.
MM has turned more cautious on Z1P
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