This week’s Bulls N’ Bears Runner of the Week is … Ovanti Ltd. The buy-now-pay-later hopeful is set to tackle the U.S market after appointing an ex-Zip Co executive.
Just 50 years ago,it was near impossible to spend more than you earned. Today,it’s a piece of credit cake.
Afterpay turns 10 this year and the tricky debate on how best to regulate buy now,pay later firms is still going on.
Buy now,pay later providers including Afterpay,Zip and Klarna will be brought under the Credit Act in changes that have been a long time coming.
The cost-of-living crisis has fuelled greater demand for buy now,pay later products – especially from younger Australians – says Block executive Nick Molnar.
Until now,these wildly popular facilities like Afterpay and Zip have slipped through the cracks of the National Credit Code. But that is soon to change.
Afterpay is preparing for proposed government legislation that would require buy now,pay later operators to perform credit checks on new customers.
Many people are using credit cards to pay off their buy now,pay later (BNPL) debt,stoking fears of a cascading “debt trap”.
Buy now,pay later services can seem like a good deal on the surface,but can be problematic if used improperly.
The Australian Finance Industry Association has released interim guidelines to protect customers ahead of the federal government’s intended regulation of the popular short-term loans.
The NSW Advocate for Children and Young People says the impact of cost of living pressures on youth is not being taken seriously by governments.