BNPL providers like Afterpay (ASX:APT) set for increased regulation fool.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com.au Daily Mail and Mail on Sunday newspapers.
New rules for buy now, pay later noosanews.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from noosanews.com.au Daily Mail and Mail on Sunday newspapers.
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Market leaders in Australia’s buy now, pay later sector are set to follow a new, self-regulatory code of practice from Monday.
Players like Afterpay and Zip will reportedly pledge to cap customer transactions at $2,000 and install limits on fees
But consumer advocates argue the sector should face stricter oversight from Australia’s financial sector watchdogs.
After years of consultation with financial watchdogs and concerned consumer groups, Australia’s booming buy now, pay later (BNPL) sector is a week away from unveiling its new code of practice – and key details of the self-regulatory framework have now been revealed.