Fintech Giants Klarna and Block slammed ‘outdated’ UK buy now, pay later regulation proposals, vowing to fight tooth and nail to relax the proposed rules. The U.K.’s plan to regulate the buy now, pay later industry is “outdated” and will lead to worse consumer outcomes, executives at two of the industry’s giants said. Buy now, pay later loans allow shoppers to defer payment by a month or to split the cost of their purchases over a period of equal monthly instalments. What makes them attractive is the ease with which someone can apply for a loan, and the fact that they are often interest-free – so long as you pay on time. If someone currently uses buy now, pay later at an online checkout page, they can expect to complete the purchase in a minute and a half, versus 30 seconds for credit cards, Alex Marsh, Klarna’s head of U.K

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