Australia Implements Credit Check Law to Regulate Buy-Now-Pay-Later Industry

Wednesday, 5 June 2024, 00:25

Australia has introduced a new law mandating credit checks for buy-now-pay-later services, aiming to enhance consumer protection and reduce financial risks associated with these payment methods. The regulation is set to impact the rapidly growing sector and align it with traditional credit practices. This move underscores the government's efforts to promote responsible lending practices and safeguard consumer interests in the financial space.

https://store.livarava.com/0d8342b5-22ec-11ef-a406-9d5fa15a64d8.jpg — Australia Implements Credit Check Law to Regulate Buy-Now-Pay-Later Industry

Australia Enacts Law Requiring Credit Checks for Buy-Now-Pay-Later Services

Australia has introduced a new law mandating credit checks for buy-now-pay-later services, aiming to enhance consumer protection and reduce financial risks. The regulation aligns the sector with traditional credit practices, promoting responsible lending. This move safeguards consumer interests amid the growing popularity of such services.

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