Buy now, pay later services — or BNPL for short — are now beholden to some of the same rules as credit card providers. On Thursday, the Consumer Financial Protection Bureau issued an interpretive rule that classifies BNPL services as credit card providers and requires them to investigate disputed purchases, among other things. BNPL services let customers purchase a product and then pay for it in a series of interest-free installments.
However, the company still takes issue with the CFPB’s classification of BNPL as credit cards. “The CFPB’s announcement is a significant step forward in regulating BNPL, which Klarna has actively called for over many years,” Klarna spokesperson John Craske tells The Verge.
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