XRPayNet, cryptocurrency built on the XRP Ledger, is set to debut buy now, pay later (BNPL) options in the crypto space, seeking to take on major BNPL players including Klarna and Afterpay.

The firm is developing an app that will offer an interface for micropayments processed by the XRP ledger to provide low transaction costs and increased speed.

This app will provide a payment interface for digital and instore transactions in retail environments and enable business-to-consumer (B2C) payments.

It will also feature built-in solutions for direct payments as well as BNPL service.

The company said: “We aim to capture and overcome the current needs of real-life and on-demand crypto payment systems that are increasingly demanded by people and businesses across the globe.”

According to XRPayNet, it is targeting the digital and in-store payments, peer-to-peer transactions and enterprise-to-consumer payment markets. p

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Latest developments in the BNPL space

Recently, Latitude, Australia-based digital payments, and lending firm, revealed its intention to buy Humm’s consumer business, consisting of BNPL, instalments, and cards, for $241.8m.

In December 2021, the US Consumer Financial Protection Bureau launched an investigation into BNPL credit and ordered five major BNPL firms to submit data on the risks and benefits of their services.

The same month, a report by Reuters said that Australia is weighing new regulations to control cryptocurrency exchanges, digital wallets and BNPL firms in the country.