Buy Now Pay Later service LatitudePay collapses


Australian Buy Now Pay Later (BNPL) service LatitudePay is closing, Latitude Financial Services has announced.

The closure of the service, which major retailers such as Kogan, JB HiFi and The Good Guys use as a payment option, is expected to impact hundreds of thousands of customers.

The BNPL service allowed customers to spread the cost of various purchases over 10 weekly interest-free payments.

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However, the company announced on Friday the service would no longer be available from April 11, 2023.

“Thank you for being a customer, we’ve loved helping you shop for life’s moments big and small, but we had to make the difficult decision to stop offering this service,” the company said in a statement to customers.

“Your current payment plan remains unchanged, please make sure payments are made in accordance with your Payment Plan Agreement.

“Once you’ve made your last payment we will close your account, you won’t receive a notification.”

The company added customers can still make purchases up to and including April 11.

It comes just weeks after another BNPL service, Openpay announced it would be closing.

Customers will not be able to use Openpay, a Victoria-based BNPL platform, to make any new purchases. However, they will still be required to make any outstanding payments owed to the collapsed company.

Openpay’s shares will also continue to be suspended “until further notice”.

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