Page 2 - Zip Pay News Today

The federal government will regulate the buy now, pay later industry to better protect the millions of consumers who use its services.

The government is cracking down on buy now, pay later services used in Australia. It’s a modern twist on the old classic that is credit card debt.

The federal government will classify buy now, pay later options as credit products, as part of sweeping changes to protect both consumers and the industry. Here's what it means in practice.

Buy now, pay later services, including Afterpay and Zip Pay, will be regulated under the Credit Act and required to obtain an Australian Credit Licence under proposed changes by the federal government.

A Mildura mum says she has turned to Afterpay to cover medication for her disabled son while another woman says she would rather go without medicine than pay on credit.

A worrying picture is emerging for Tasmanians struggling with cost of living increases, with many young women and family violence survivors using 'by now, pay later' services for essentials like food and groceries.

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Regulations can't come soon enough for Buy Now Pay Later loans, according to financial mentors who say their services are the busiest they've ever been. Festive season spending creating a debt spiral for some. The government is set to release final regulations for them this year but advisers say the draft proposal are not good enough to protect vulnerable people. Checkpoint's Louise Ternouth reports.

Zip co-founder Peter Gray warned against bringing the entire BNPL sector under the same regulatory framework as big-ticket personal debt products such as credit cards or mortgages.

The number of first home buyers taking out loans has plunged, and those who are left are being urged to follow these tips.