Business
Rising use of Afterpay and Zip signals end of credit cards dominating personal lending – NEWS.com.au
Rising use of Afterpay and Zip signals end of credit cards dominating personal lending
The rise of buy now, pay later payments is signalling the potential slow death of credit cards, with thousands of consumers everyday switching to zero interest lending services.Figures from the Reserve Bank show at the end of June, there were 1.3 million less credit cards within the Australian payments system, with cardholders wiping $4.2 billion of debt since the onset of COVID-19.
The reduction in accrued debt coincides with the country’s major buy now, pay later companies recording huge rise…
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