A group of international consumer groups across 10 countries, including Australia, New Zealand, and the United States, are calling for the urgent regulation of the Buy Now, Pay Later (BNPL) sector. Australian consumer advocacy group CHOICE said new data showed that many Australians were struggling with debt from BNPL. “We are calling for governments across the world—including the Australian Government—to ensure that buy now, pay later providers are subject to the same consumer protection laws as other credit providers,” CHOICE CEO Alan Kirkland said in a statement. Newly released data from CHOICE found that 30 percent of Australians have used a BNPL service in the last 12 months. Of those people, over one-in-five have used the service to pay for essential goods and services, such as groceries or utilities. “Buy now, pay later credit providers are known for targeting people with existing loans, encouraging them to use buy now, pay later …
‘Fast Path to Extreme Financial Hardship’: Consumer Groups Call for Buy Now, Pay Later Regulation
March 16, 2022
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AustraliaAustralian BanksBNPLBusiness & Economybuy now pay laterfinancial regulationInternationalWorld
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