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Regulation times , but this is by no means the end of the road for the industry . While regulations could make onboarding processes more costly and elaborate for lenders , we should be looking for solutions to ethical and transparent payments . There ’ s opportunity to have regulation that supports the industry , ensuring costs aren ’ t passed onto already struggling retailers , at the same time as protecting the customer . These
next 12 months will be telling , I hope to see government , industry and retail working together to deliver effective , yet realistic , regulation to protect the financial security of consumers . ■
For a list of the sources used in this article , please contact the editor .
Samantha Fogerty www . payl8r . com
Samantha Fogerty is Chief Operating officer of Payl8r . Payl8r is a Buy Now , Pay Later firm offering ethical lending across retailers in the UK . Payl8r has pioneered a proprietary tech platform that underwrites customers at the point of sale using open banking , which is the first of its kind for retail finance . Since 2016 , Payl8r has experienced a 334 percent increase in lending volume and doubled the work force each year . COO , Samantha Fogerty ’ s , partnership with CEO , Louis Alexander , has been pivotal to Payl8r ’ s success , enabling its rapid ascent in the fintech sector . retail-merchandiser . com 27