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.
As a cost of living crisis continues to bite,Australia’s largest consumer advocacy groups,charities and legal centres want the federal government to nip the next wave of credit products in the bud.
Having exploited the regulatory blind spots and ultra-low interest rates to the hilt,the buy now,pay later sector now faces a grim reality check.
As the number of Australian BNPL accounts has grown beyond 7 million,the government has unveiled three options for tighter regulation of the industry.
The “buy now pay later” sector will be regulated under credit laws,which will enhance consumer protections.
There’s an issue with the level of difficulty resolving a problem with the digital service,a significant,global player in the fintech space.
Buy now,pay later player’s youth-focused app - Money by Afterpay - is being shuttered less than a year after its launch.
Zip Co has vowed to further reduce burning cash on its overseas operations,as the company shutters its operations in the UK.
The former head of Australia Post says he had wanted to lead the consumer finance business for three to four years.
The billionaire co-founder of Twitter and fintech Block says Afterpay will form a central part of a financial “super app” he is developing.
“Certainly,reports of our death are greatly exaggerated,” says Peter Gray,co-founder of embattled buy now pay later business Zip Co.