The Australian government is looking to tighten the regulation of the “buy now, pay later” (BNPL) sector as it hopes to stop more customers from falling into dire financial straits.
Speaking to Nine Network on Nov. 21, Financial Services Minister Stephen Jones said the BNPL industry could be subject to the same regulation as the credit and banking sector.
He said the minimum changes could involve introducing credit checks to make sure that BNPL products were suitable for customers.
“A lot of people have got not one, not two, but three or four ‘buy now pay later’ accounts, and it appears there is a small percentage of the market where people are getting into hot water,” Jones said….