New Podcast: Jason Sive, Mobicred

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But he resists this grouping, noting that what his company really offers is a virtual credit facility. And this bears more similarity to traditional revolving credit than the no interest, no fees “pay in four” structure that most of us associate with buy now, pay later.

Mobicred, which was recently acquired by RCS, offers a virtual credit facility and partners with retailers to offer at the point of sale. The service has been available only online, but Sive noted in the interview that an in-store option is coming. Mobicred has relationships with more than 4,000 retailers.

For all the time we’ve been in touch with Jason, he’s been a pretty sharp BNPL critic. He says the pay-in-four model and its variations are unprofitable, even at scale.

And he says too many players rushing into the space has created a race to the bottom. BNPL platforms are in some instances paying retailers millions to renew deals, Sive said. And even discounting their main revenue stream, which is the lead fees that retailers pay for each BNPL transaction.

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