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New Rules for "Buy Now, Pay Later": Credit Checks Incoming
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New Rules for "Buy Now, Pay Later": Credit Checks Incoming

Proposed legislation aims to regulate buy now, pay later (BNPL) services by requiring them to perform basic credit checks on new customers, ensuring they can afford their purchases. This includes popular providers like AfterPay, Zip, and Klarna, which will now need to obtain a credit license under the Credit Act. The intent is to protect consumers from accumulating uncontrollable debt through these services, especially as BNPL platforms are increasingly used for essential purchases. The bill, introduced in parliament today, must pass both houses to become law, marking a significant shift towards consumer protection in the BNPL sector.

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