The Australian Finance Industry Association has sent a report to the minister for financial services detailing buy now, pay later’s contribution to the economy.
Buy now, pay later operators created or maintained 99,200 full-time jobs in 2021 by generating retail sales, according to an economic study of the sector that will be used to resist calls for increased regulation.
The new report – which uses data from the eight largest players, signatories to the buy now, pay later Code of Practice administered by the AFIA – says the interest-free services had created $2.13 billion in extra revenue for retailers from sales that would not otherwise have been made. It also reduced customer acquisition and marketing costs.
However, with consumer groups still concerned about the impact of buy now, pay later on vulnerable customers, the report points to some signs of industry stress.
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