Business
Flexi surges on Mastercard deal to take BNPL to banks – The Australian Financial Review
Mastercard will introduce Flexi’s bundll digital product to global banks as a hedge against declining credit card usage.
Commonwealth Bank has made a similar defensive play with its investment in Klarna, which has developed a buy now, pay later product being made available to CBA customers through its own banking app. CBA is an issuer of Mastercard; so is Westpac, which recently struck a partnership with Afterpay.
Banks are realising that the opportunity to build their own, closed-loop distribution model for a buy now, pay later product as Afterpay did has passed, and they may need to use the card scheme network to…
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