Dwindling BNPL numbers show tough reality even as accreditation deadline passes

AS QUICKLY as they bloomed, “buy now, pay later” (BNPL) players have wilted in the face of the rising costs of funds.

The Singapore FinTech Association said five BNPL service providers were on track to get accredited last month. This would have allowed them to display a trust mark proclaiming their compliance with the BNPL Code of Conduct.

The Code was launched by providers in October 2022 to serve as a check against unscrupulous behaviour such as the levying of hidden fees, and to ensure transparency for consumers. All BNPL service providers were required to be accredited by Mar 31.