Australia’s biggest bank, Commonwealth Bank, has announced it will launch its own Buy Now, Pay Later service to customers from mid-year.

Customers will be able to use their debit and credit cards to access the service for products that cost between $100 and $1000.

Buy now, pay later services have been popular with young people as it allows them to budget and they usually don’t charge interest.

Businesses would not pay an additional fee using its service.

Individual CBA customers must apply to use the service and will be assessed before approval.

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