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Government leads charge against unaffordable lending in buy now pay later sector
Zip signage is seen on a storefront in Sydney, By the end of December 2019, 1.8 million customers had an active Zip account that allows them buy now and pay later without a credit card at 20,875 merchants (AAP/Derek Rose) Source: AAP / DEREK ROSE/AAPIMAGE
Millions of Australians use buy now pay later schemes - but up until now the industry has been largely self-regulated. That's set to change, with the federal government announcing those schemes will soon be treated as credit products. It's part of a push to prevent unaffordable lending.
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