Calls to regulate the booming “buy now, pay later” (BNPL) industry have not deterred big brands like Apple and Amazon from the idea of offering consumers an interest-free, no-fee way to spread payments for purchases. Apple cited “users’ financial health” when it announced this new feature, but research shows financially vulnerable people need more protection.
It’s possible to regulate this sector to safeguard consumers without completely restricting access. By learning lessons from previous efforts to regulate the payday lending sector, for example, the industry and its regulators could take steps to prevent misuse.
