Australian Government to Crack Down on Buy Now, Pay Later with Tougher Regulations

Australian Government to Crack Down on Buy Now, Pay Later with Tougher Regulations
Zip signage is seen on a storefront in Sydney, Australia, on Oct. 22, 2019. AAP Image/Derek Rose
Alfred Bui
Updated:

The Australian government will impose stricter regulations on the buy now, pay later (BNPL) industry amid concerns about high risks to vulnerable groups in society.

In his speech to the Responsible Lending and Borrowing Summit on May 22, Financial Services Minister Stephen Jones announced that the federal government would change the law to regulate BNPL like a credit product.

Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].
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