Buy Now, Pay Later (BNPL) services have dramatically changed the landscape of personal lending, largely by being easy to access and not charging interest – thus avoiding national credit laws.
In the 2021-22 financial year, according to data from the Reserve Bank of Australia, the number of active BNPL accounts in Australia rose from 5 million to 7 million. Collectively, these users spent A$16 billion, about 37% more than the previous years (and about 2% of all card purchases).
