A sell-off in Australia's high-flying buy now, pay later sector on Tuesday after payments giant PayPal unveiled plans to launch a competing product in the US has ended a record-breaking run of share price performance for the ASX-listed trailblazers.
PayPal revealed its 'Pay in 4' instalments offering to the New York Stock Exchange late on Monday night AEDT, sending shares in Afterpay down 8 per cent to $84.09, Zip Co 12.8 per cent to $7.99, and US-focused Sezzle 14.7 per cent to $8.76 in a buy now, pay later (BNPL) bloodbath.
Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
