Passage of BNPL Legistlation

28 November 2024

AFIA has welcomed the passage of new legislation through the Parliament for Buy Now, Pay Later (BNPL) products in Australia. The legislation ensures an efficient, innovative, competitive, and sustainable sector that is underpinned by proportionate regulation, delivering choice for all Australians.  

“The Government’s balanced and proportionate regulatory approach will enhance consumer trust, enshrine consumer protections into law and allow BNPL to continue to play an important role in our digital economy,” AFIA CEO Diane Tate said.

“This legislation builds on AFIA’s world-leading BNPL Code of Practice and ensures obligations on BNPL providers are scalable, technologically neutral and the right fit for the risk level of BNPL products.

See the PDF version of this Media Release here.