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Capital One to test 'buy now, pay later' product this year, CEO says

By David Henry (Reuters) - Credit card issuer Capital One Financial Corp (NYSE:COF) will test a "buy now, pay later" product this year as competition for consumer loans builds...
Capital One to test 'buy now, pay later' product this year, CEO says © Reuters. FILE PHOTO: The logo and ticker for Capital One are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid/File Photo

By David Henry

(Reuters) - Credit card issuer Capital One Financial Corp (NYSE:COF) will test a "buy now, pay later" product this year as competition for consumer loans builds from financial technology firms providing merchants with easy ways to offer cheap financing for purchases.

"We will be testing a beta version of our own 'buy now, pay later' product," Capital One Chief Executive Richard Fairbank said at a Barclays (LON:BARC) investor conference on Monday.

Fairbank said Capital One's test will include point-of-sale loans for customers at a "select set of merchants" with which it already has relationships.

Banks and bank investors have been increasingly wary that 'buy now, pay later' loans might cut into a potential rebound in lending revenue from people who used credit cards for borrowing purposes.

Many customers have paid down credit card balances during the coronavirus pandemic and eliminated interest charges. But some have described https://www.reuters.com/article/us-usa-consumers-pay-later-idUSKBN2A8036 being tempted by 'buy now, pay later' plans to borrow for items they want only to then fall behind https://www.reuters.com/technology/buy-now-pay-later-surges-third-us-users-fall-behind-payments-2021-09-09 on payments and run up interest charges.

Fairbank said that Capital One will use knowledge from the tests to understand the products better and how they can appeal to merchants and consumers.

"We're watching this product closely and certainly not taking this growth lightly," he said.

Fairbank said the offerings have become suddenly popular due to support by venture capitalists and the willingness of merchants to subsidize the interest costs.

"The elephant in the room is the sustainability of the merchant subsidy," Fairbank said. "This is fueled by merchants' beliefs that they're getting incremental volume."

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19-09-2021 19:08:42 (UTC+7)

EUR/USD

1.1724

-0.0040 (-0.34%)

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EUR/USD

1.1724

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    EUR/USD 1.1724 ↑ Sell  
    GBP/USD 1.3736 ↑ Buy  
    USD/JPY 110.00 Sell  
    AUD/USD 0.7267 ↑ Sell  
    USD/CAD 1.2768 Neutral  
    EUR/JPY 128.97 ↑ Sell  
    EUR/CHF 1.0933 ↑ Sell  
    Gold 1,753.95 ↑ Buy  
    Silver 22.358 Sell  
    Copper 4.2393 ↑ Buy  
    Crude Oil WTI 71.82 ↑ Buy  
    Brent Oil 75.31 ↑ Buy  
    Natural Gas 5.061 ↑ Sell  
    US Coffee C 186.75 Buy  
    Euro Stoxx 50 4,130.84 ↑ Buy  
    S&P 500 4,432.99 Neutral  
    DAX 15,490.17 ↑ Buy  
    FTSE 100 6,963.64 ↑ Buy  
    Hang Seng 24,920.76 ↑ Buy  
    Small Cap 2000 2,233.92 ↑ Buy  
    IBEX 35 8,760.90 ↑ Sell  
    BASF 63.085 ↑ Sell  
    Bayer 45.07 ↑ Sell  
    Allianz 190.23 ↑ Sell  
    Adidas 281.60 ↑ Sell  
    Lufthansa 8.210 Neutral  
    Siemens AG 148.76 ↑ Sell  
    Deutsche Bank AG 11.080 ↑ Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,600/ 5,665
(5,600/ 5,665) # 809
SJC HCM5,600/ 5,665
(0/ 0) # 830
SJC Hanoi5,600/ 5,667
(0/ 0) # 832
SJC Danang5,600/ 5,667
(0/ 0) # 832
SJC Nhatrang5,600/ 5,667
(0/ 0) # 832
SJC Cantho5,600/ 5,667
(0/ 0) # 832
Cập nhật 19-09-2021 19:08:43
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DO 0.05S1602016340
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Dầu hỏa1508015380
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USD22.640,0022.870,00
EUR26.118,3927.477,69
GBP30.621,6331.901,01
JPY202,13213,83
KRW16,7120,34
Cập nhật lúc 18:52:13 19/09/2021
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