Tech Talk: interview with Gary Rohloff, Laybuy

Gary Rohloff, co-founder and managing director, Laybuy, a New Zealand-based buy now, pay later service which launched in the UK earlier this year, talks to The Banker’s Joy Macknight about differentiating itself from competitors and why retailers like AlexaChung and Footasylum are interested in partnering with Laybuy.

[ashleybishton]

Yes fantastic service so far. I got a small credit limit of 120 and it will work for me. Its fantastic service I won't default and improve my credit rating too.

[ashleybishton]

Yep charge interest is ripping people off and people can see it. Lay buy will win the market

[graemesassella-otley]

How can it be that 'in essence Laybuy offers consumers....then pay us back interest free over 6 weeks. So there is never any interest charged by Laybuy...' but you then say 'in simple terms they (consumer) pay us 1/6th of the purchase price today and 1/6th every week for the next 5 weeks"? This 1/6th in percentage terms is nearly 17% . This is charged each week on each payment which on a loan of $120 would amount to $70. After Pay charge 4.17% which on a loan of $120 and charge each week over their set 4 weeks payment plan on the $120 would amount to $20.