BNPL products like Afterpay will now have similar regulation to credit cards
After years of scrutiny, BNPL products such as Afterpay will now be regulated under The Credits Act. Assistant Treasurer Stephen Jones announced the move on Monday.
Research shows 30% of people often in financial difficulties use BNPL
BNPL’s popularity as a credit product is only surpassed by credit cards, used by 31% of young Australians in the past year.
Why Single Use Ain’t Sexy’s founder is on a mission to “cut the Christmas crap” this silly season
Josh Howard says up to 20 million unwanted gifts and the packaging they come in can end up cast aside or in landfill by the New Year.
As BNPL regulation looms, the finance sector will review its own self-regulatory framework
Drawn up with the help of industry participants like Afterpay, Zip, and Klarna, the Code of Practice is a set of opt-in rules designed to set minimum standards within the BNPL sector.
CBA, Australia Post, Binance and more assure customers their data is safe after Optus breach
Some Australian businesses are taking the opportunity to remind customers of their own robust security systems in the wake of the Optus hack.
Zip counters $1.1 billion loss with claims of reduced cash burn and tighter BNPL lending rules
Zip claims the closure of its UK and Singapore offices, the "retirement" of Pocketbook, and a crackdown on bad debts will help turn the ship around.
Zip-owned personal finance app Pocketbook to close
The personal finance app owned by BNPL stalwart Zip will close next month, 10 years after it was founded with a mission to help Australians better manage their money.
Adam Schwab: BNPL has become an industry of meme stocks worth basically nothing
In five years, we will look back fondly on the BNPL sector much like we reminisce on the follies of the mid-2000s bubble like Babcock & Brown or Allco, or the dot com insanity of 1999, says Adam Schwab.
Australian BNPL sector touts $14.3 billion in economic benefits as lawmakers weigh the fate of pay-in-four providers
As Australian lawmakers consider how best to regulate the BNPL sector, a leading industry group claims pay-in-four systems provide a massive boon to local retailers and benefit local consumers.
Labor plans to rein in BNPL under traditional credit laws, adding new regulatory scrutiny to pay-in-four providers
It's time to "start working on regulating" the BNPL sector "within the credit space", Financial Services Minister Stephen Jones said.
‘It’s actually a threat’: Apple crashes the buy now, pay later party, putting fintechs on high alert
Apple's deep pockets mean its new Apple Pay Later product could challenge existing leaders in the buy now, pay later space.
Adam Schwab: Why I love asset market crashes, and you should too
"This may not be the most popular view among everyone reading this column, but I absolutely love asset market crashes," writes Adam Schwab.
