Buy now pay later services could face the same oversight as credit cards or loan products in a recommendation being considered by the federal government as it looks to toughen regulation in the burgeoning industry.
Nine BNPL providers are signed up to a voluntary industry code. Its requirements include suitability assessments for transactions worth more than $2000, complaint handling processes that meet the Australian Securities and Investments Commission standard and hardship provisions. The third recommendation would fully bring the sector under the Act and make current responsible lending obligations applied to credit card providers also apply to BNPL.The federal government has said it wants BNPL treated like any other credit product, including payday lending or credit cards.
Some providers told Treasury they had implemented risk management practices including credit checks, or restricting further use of the services if consumers miss payments.
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