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Embattled buy now, pay later sector to be regulated under credit card laws

Embattled buy now, pay later sector to be regulated under credit card laws

The new financial services minister, Stephen Jones, says the Albanese government will push ahead with plans to bring buy now, pay later (BNPL) operators such as Zip and Afterpay under the same laws as credit cards, in a further blow to the embattled sector.

by Shared from The Guardian | Jun 7, 2022

Buy now, pay later apps turn focus to business owners

In an interview with Guardian Australia, Jones also indicated the new government could demand the corporate watchdog restore the “why not litigate” approach it dumped last year, and said it would move to regulate cryptocurrency exchanges in the same way as other financial markets.