Commonwealth Bank of Australia (CBA) has set in motion its fully digital Buy Now Pay Later (BNPL) offering, StepPay. This helps CommBank step up its game in the industry. It now competes with fintech companies such as Afterpay and Zip.
CBA becomes the ‘first of its kind’ bank to offer BNPL service for its customers. Launched on Wednesday StepPay adds flex to the bank’s digital arena. Previously, the 'Big 4' bank in May created a single-window application called the ‘CommBank’ app. On this, customers from other banks can also access account information.
A full-on digital, StepPay is CBA’s first BNPL cardless offering. It caters to its 4 million-strong customer base. StepPay helps customers split their payment of $100 or more into four. The facility can be used for in-store...