From 10 June 2025, significant regulatory changes will take effect for Buy Now, Pay Later (BNPL) services, enhancing consumer protections and aligning BNPL with traditional credit products like credit cards. Previously, BNPL services operated outside the National Consumer Credit Act, leaving a gap in consumer protections. However, under new laws passed in late 2024, BNPL […]
As foreshadowed last year, the “buy now pay later” (BNPL) market will soon be facing more regulation. Assistant Treasurer Stephen Jones recently announced that the government will be moving forward to bring BNPL within the Credit Act’s application to apply a tailored version of the responsible lending obligations to BNPL products. Late in 2022, the […]
In a bid to protect consumers, the Federal Government has released a consultation paper seeking views on options to regulate the “buy now, pay later” (BNPL) market. Currently the BNPL space is unregulated in Australia and thus not subject to responsible lending standards, despite involving financial products that offer credit. The Reserve Bank of Australia […]