Tough new regulations for buy now pay later industry

"I had to ring them up and actually put a hold on the account and pay $50 a week on a debt recovery," Pace toldTara Low said she built her business Snackezy on the buy now pay later scheme but she's also seen the ugly side."One evening we just didn't get another cent from them and we were left holding the bag still having to fulfil all the orders and we never saw a cent," she said.She said she had nowhere to turn to get her money back.

Consumers could easily use the service without having to jump through the same hoops as credit cards, but it didn't take long for the cracks to start appearing.Tough new rules have been brought in for the buy now pay later industry. On top of personal spiralling debt, corporate collapses like Openpay came along and cowboy operators exited the industry, owing millions.

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New regulations for buy now pay later industryThe buy now pay later industry will be subject to tough new regulations in an attempt to protect customers from financial abuse. Providers such as Afterpay and Zip will need to comply with responsible lending obligations under the Credit Act and services will be treated as a credit product. They will be required to have a credit licence, hardship requirements and minimum standards for conduct.
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