Ok so Square has opted to engage in predatory practices. Noted.
Like I said elsewhere, people should be free to make their own choices, but this is certainly not a business model to be applauded.
Meaning this isn’t really any sort of free market, if you are so large you can absorb or destroy smaller entities ensuring that you will always be the leader in your market. And because governments have no teeth when it comes to monopolies or anti-competition this skates by world wide.
That was my read, could be wrong.
"The Australian Securities and Investments Commission found one in five buy now, pay later users is missing payments, half of users aged between 18 to 29 cut back on essential items to make repayments, and more than 1.1 million transactions in 2019 incurred multiple missed payment fees.
It also warned 15 per cent of users, and half under 29, had taken out an additional loan to pay for the services, while 55 per cent of consumers paying late had used at least two different buy now, pay later providers in the past six months."
https://www.afr.com/companies/financial-services/one-in-five...