But Slade believes the financial institution’s oversight of their clients’ funds will permit it to side-step the issue.
“Through the data they share with us, we can assess whether NAB Now Pay Later is suitable for them,” she mentioned.
NAB is the final of the massive 4 banks to introduce some model of a BNPL function: CBA was the primary, launching StepPay in August final 12 months. In early November, Afterpay launched its Money app that integrates Westpac’s banking providers.
Last October, ANZ introduced that it had teamed up with Visa for a BNPL service that formally launched this 12 months.
CBA, NAB and Westpac even have their very own model of zero-interest bank cards, known as Neo, StraightUp, and Flex respectively.