The booming sector will be treated as credit, Assistant Treasurer Stephen Jones says, paving the way for tighter rules.
Buy now, pay later will be treated as credit, Assistant Treasurer Stephen Jones says, paving the way for tighter regulation on the booming sector that will kick off with a consultation period with industry stakeholders.
Mr Jones said the government will consult stakeholders, including industry, consumer groups and regulators on how to improve the regulation of buy now, pay later in Australia. “However, we must be mindful of the risks that may arise from innovation and ensure our regulatory frameworks remain fit for purpose in light of evolving technologies and business practices.”
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