A proposed crackdown on the buy now, pay later (BNPL) industry may not deliver desperately needed consumer protections, say advocates, with announced reforms called “disappointing”.
Assistant Treasurer Stephen Jones announced on Monday that the federal government will pull BNPL giants like Afterpay and Zip Co. into the Credit Act, requiring companies to undertake “unsuitability tests” on customers in a bid to stop people falling into debt spirals.
