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
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: