Tough new regulations for buy now pay later industry

  • 📰 9NewsSyd
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Those who've been stung by buy now pay later schemes have welcomed the tough new rules brought in by the government in an effort to crack down on the industry. 9News

"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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 23. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: SkyNewsAust - 🏆 7. / 78 Read more »