Australia to Regulate Buy Now, Pay Later as Credit Firms
- Finance minister cites ‘growing dangers’ for consumers
- Brings buy now, pay later in line with other credit providers
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Australia’s government moved to regulate buy now, pay later finance firms under credit laws, drawing the line on a months-long process aimed at tightening requirements on the maturing industry.
Firms will need to adhere to responsible lending obligations and hold Australian credit licenses, according to Stephen Jones, the nation’s minister for financial services. They’ll also face a range of minimum standards on conduct and products.