SYDNEY : The Australian government said on Monday it would introduce laws that will consider buy-now-pay-later (BNPL) services as a credit product in a bid to protect consumers in a largely unregulated industry.BNPL companies typically offer on-the-spot interest-free short-term loans with minimal credit c
SYDNEY : The Australian government said on Monday it would introduce laws that will consider buy-now-pay-later services as a credit product in a bid to protect consumers in a largely unregulated industry.
"They are very popular but we need to make sure that we can manage them appropriately," Treasurer Jim Chalmers told ABC television."Best way to do that is to legislate, to regulate as a credit product, so that we can manage some of the risks." But concerns about repayment have been rising as Australia battles high inflation, which now sits at near 30-year highs.
Australia, home to about a dozen listed BNPL providers, has about 7 million active accounts that resulted in A$16 billion of transactions in 2021-22, up 37 per cent, data showed.
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