Australians have been enthusiastic users of Buy Now Pay Later services, with RFIGlobal research showing that some 40% of Aussies regularly use BNPL as a payment method. Now the BNPL is to be regulated under the National Credit Act, it’s worth considering whether the rewards of Buy Now Pay Later outweigh the risks.
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After years of insider demands for regulation on the BNPL industry, it has today been announced that Buy Now Pay Later services are to be regulated under the National Credit Act.
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As if there weren’t enough Buy Now Pay Later options on the market, Apple’s long-awaited addition to the world of BNPL has finally arrived.
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There has been a growing wave of talk about Buy Now Pay Later (BNPL) regulation over the past year.
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More of us are opting for the Buy Now, Pay Later (BNPL) option – it’s simple to sign up to and allows access to easy credit. But not everyone’s benefiting from the newest in fintech innovation.
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It’s sale season, and the temptation to spend is growing! Black Friday is just around the corner, with all sorts of promotions ready to give your credit card a workout.
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It’s hard to stand out when it comes to Buy Now, Pay Later products, but NAB’s new offering has an interesting strategy: no late fees?
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A recent report from Power Retail shows that customers are more likely to make a purchase - and more likely to buy big - at online stores offering Buy Now Pay Later payment options.
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Buy Now Pay Later has caught some heat lately, especially because it isn't labelled as a credit product. This means it currently escapes credit regulation, though the government is seeking to change this as soon as 2023.
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Last week, the Australian Prudential Regulation Authority APRA announced that banks and lenders must now consider Buy Now Pay Later (BNPL) debt, as well as any outstanding HECS-HELP debts, when offering loans, stating that:
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