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New rules for ‘buy now, pay later’ companies in Australia – NEWS.com.au

New rules for ‘buy now, pay later’ companies in Australia

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Australia has become the first country to implement industry standards for the buy now, pay later (BNPL) sector, designed to ensure safe practices and name and shame dodgy lenders. The new code drafted by the Australian Finance Industry Association will come into effect on Monday and is the first pledge by the emerging sector to improve safeguards for customers.
Companies such as Afterpay, Klarna and Zip will have to adhere to new rules such as caps on the number of late payments a person can accrue,…

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