Want to create an interactive transcript for this episode?
Podcast: The Daily Discourse
Episode: Buy Now, Pay Later phenomena and the rights of consumers
Description: In South Africa, "buy now, pay later" (BNPL) is a fast-growing payment option for both online and in-store purchases, with popular providers including Payflex, Happy Days PayJustNow, and Float. It allows you to receive your items immediately while splitting the purchase cost into several interest-free installments. However, none of these platforms have been regulated and falling outside the National Credit Act (NCA). What happens if you miss a payment? Our next guest has raised some concerns regarding the terms of these agreements, particularly as many consumers across the country struggle with the cost of living crisis. To...