The retail giant reportedly plans to compete with fintech lenders by introducing installment loans to its employees and customers, sources told The Information. The company has already begun beta testing banking services with employees and plans to expand its reach to customers. (The Information)

Talking Point: ‘Buy now, pay later’ (BNPL) services rose to popularity during the pandemic as more consumers turned to online shopping, and have been facing calls for more regulatory scrutiny. The Financial Consumer Agency of Canada, for instance, has been looking into the products since early 2021. Likewise, governments in the U.K. and U.S. have been investigating the lack of regulation around BNPL and how it might promote careless spending. According to The Information, some employees at the Walmart-backed fintech venture One are concerned about whether BNPL services are the right fit for the retailer, as its employees and customers tend to have lower incomes. Neither Walmart nor One responded to a request for comment asking if the banking and BNPL services would be available to Canadians.