The government will unveil the draft legislation for consultation late in 2023. Read more at straitstimes.com.
SYDNEY – The Australian government said on Monday it would introduce laws that will consider buy-now-pay-later services as a credit productBNPL companies typically offer on-the-spot interest-free short-term loans with minimal credit checks that spread payments and are largely used by cash-strapped people taking debt, sometimes more than they can afford to buy.
“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 seven million active accounts that resulted in A$16 billion of transactions in 2021 to 2022, up 37 per cent, data showed.
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