BNPL Draft Legislation
On 9 April 2024, AFIA made our submission to Treasury on the draft legislative package to include Buy Now Pay Later (‘BNPL’) products within the National Consumer Credit Protection Act 2009 (Cth)(‘the Credit Act’).
We welcomed the Government’s adoption of proportionate and scalable approach to the regulation of BNPL and made a series of technical recommendations designed to improve the legislation.
This was all done within the context of AFIA’s recent data showing that the BNPL sector supports almost 150,000 jobs and the average transaction value is just $132.