There are a number of instalment plans, which are similar to BNPL, but which do not meet the definition under the Code of Practice. These include some companies which allow you to split payments directly with them (rather than through a BNPL Provider), and also products which are in effect instalment plans supported by a credit card. 

The definition of a BNPL Product or Service under the Code is:  

BNPL Product or Service means:

1. A shorter term product or service for the purchase of goods or services sold to consumers where the consumer repays the purchase in instalments.  Consumers are informed by the BNPL Provider of the repayment amounts and payment schedule and will pay no interest charges for individual purchases if they pay within a specified period; or

2. The provision of a credit contract for the purchase of goods or services. Some contracts require a minimum periodic repayment; others involve a fixed repayment plan for each purchase. Multiple advances of credit may be available. No interest is charged, and any fees for providing the credit are limited to $200 in the first year and $125 in each subsequent year; and

• There is a contract between the customer and the BNPL Provider, and a contract between the customer and the Merchant or Retail Partner; and
• The customer buys and receives goods or services from a Merchant or Retail Partner; the BNPL Provider pays the Merchant or Retail Partner for the purchase (minus merchant fees), and the customer repays the Buy Now Pay Later Provider for their purchase.

For the avoidance of doubt, the following are not considered a BNPL Product or Service for the purposes of this Code even if they are marketed or described as a BNPL product or service:

• Products or services offered to persons or strata corporations that are predominantly for a purpose that is not a consumer purpose. ‘Predominant’ (as defined in s5(4) of the National Credit Code) means: (a) the purpose for which ‘more than half’ of the credit is intended to be used and (b) if the credit is intended to be used to obtain goods or services—the purpose for which the goods or services are intended to be ‘most used’;
• Personal loans, mortgages or consumer leases;
• Short term borrowing where a pay day lender typically provides small cash loans to individuals that are repaid at their next pay date; or
• Any earned wage or salary access arrangement, where a lender has an arrangement with an employer to give an employee access to an amount they have earned during a pay period in advance of the normal payment date.