The new laws classify BNPL products as a form of credit, requiring responsible lending obligations, credit checks and further protections for customers. Source: Pixabay / Pixabay (Creative Commons)
Buy Now, Pay Later (BNPL) services like Afterpay and Zip are now officially treated as credit products under new Australian regulations. From mandatory credit checks to tighter consumer protections, the reforms aim to curb rising debt and protect vulnerable users. While advocates welcome this long-overdue move, concerns remain about people juggling multiple BNPL accounts and falling into debt traps. With late fees historically making up a large share of revenue, the changes mark a major shift in how these services operate.
Buy Now, Pay Later (BNPL) services like Afterpay and Zip are now officially treated as credit products under new Australian regulations. From mandatory credit checks to tighter consumer protections, the reforms aim to curb rising debt and protect vulnerable users. While advocates welcome this long-overdue move, concerns remain about people juggling multiple BNPL accounts and falling into debt traps. With late fees historically making up a large share of revenue, the changes mark a major shift in how these services operate.
