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BIZARRE: 9 - What They Never Told You

Fears buy now, pay later crackdown will fail vulnerable Australians

A proposed crackdown on the buy now, pay later industry could fail to deliver desperately needed consumer protections, advocates fear.

The New Daily

Buy now, pay later services will be considered credit products by the end of the year. Here's how it will work

The federal government will classify buy now, pay later options as credit products, as part of sweeping changes to protect both consumers and the industry. Here's what it means in practice.

ABC News

Crackdown on buy now, pay later schemes announced as Labor warns of dangers of growing debt

Under government reforms, schemes to be regulated as credit products in Australia

The Guardian - AU

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ASX finishes lower as threat of US debt default sparks warnings of potential Wall St crash — as it happened

Australian shares finished lower after US debt ceiling talks failed to make progress in the absence of President Joe Biden. Look back on the day's events as they happened with our markets blog.

ABC News

Crackdown on buy now, pay later and its ‘unchecked dangers’

The booming and "unchecked" buy now, pay later sector will be regulated amid calls to better protect consumers against its "growing dangers". Financial

The New Daily

The no-interest loans helping Australians get back on their feet

More than 350,000 zero-interest loans have been given to those on low income since 2003 – and experts say the financial alternative has changed lives

The Guardian - AU

Buy now, pay later industry to be regulated under Credit Act as part of changes by federal government

Buy now, pay later services, including Afterpay and Zip Pay, will be regulated under the Credit Act and required to obtain an Australian Credit Licence under proposed changes by the federal government.

ABC News

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Buy now pay later: Klarna is courting young shoppers with Paris Hilton and TikTok-style algorithms – here's why it's a problem

After adding a few too many items to your online shopping cart, you head over to the payment page to check out. Alongside the usual credit card and PayPal payment fields, you see an enticing new option. A colourful button offers to allow you to spread your payment over several…

The Conversation

Sweden’s Klarna burned through $100 million a month to become a buy-now-pay-later giant in the U.S. Can ChatGPT help it turn a profit again?

Klarna, a pioneering fintech startup, seeks a rebound after a year marked by layoffs and a plummeting valuation.

Fortune

Americans Go Deeper Into Debt as They Use Buy Now, Pay Later Apps for Groceries

With inflation squeezing budgets, more consumers are turning to instant credit apps to make ends meet.

Businessweek

Five tips to help pull yourself out of a debt spiral

If you've found yourself sinking in debt-filled quicksand, find out what you can do to help drag yourself out.

The New Daily

More Tasmanians using buy now, pay later for everyday needs

A worrying picture is emerging for Tasmanians struggling with cost of living increases, with many young women and family violence survivors using 'by now, pay later' services for essentials like food and groceries.

ABC News

Apple joins the 'buy now, pay later' lending trend. Do you know about the downsides?

Starting this week, Apple is rolling out its version of "buy now, pay later."

Los Angeles Times

The 5 best ‘buy now, pay later’ apps for March 2023

We compared the top buy now, pay later platforms on the market and weighed loan terms, APRs, late fees, credit limits, mobile app ratings, and more.

Fortune

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Bangkok Post

Krungsri targets rise in digital customers

Krungsri Consumer, the unsecured loan unit under Bank of Ayudhya, aims to increase its customer base on digital platforms by 20% this year, aided by new digital service offerings.

Chronicle Live

Klarna joins Laybuy and Clearpay in charging a fee to late payers

New £5 charge from March 16 will reduce the likelihood of borrowers falling behind, according to Klarna boss

ABC News

Buy now, pay later regulation essential to protect young Australians from debt, experts say

Some estimates say 60 per cent of buy now, pay later (BNPL) users are aged under 35, but academics say the service has too few compliance checks and protections for young people.

ABC News

Buy now, pay later? Not so fast, as the government looks to tighten regulation by year's end

Millions of Australians have buy now, pay later accounts, but the easy credit may soon be harder to come by as the government vows to crack down on the industry by the end of the year.

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Manchester Evening News

Two week warning issued to anyone with a Klarna account as £5 fees are introduced

All Klarna users will be affected by the policy change which comes into place on March 16

Daily Mirror

Klarna to start charging late fees from next month - what you need to know

From March 16, Klarna will be charging £5 to customers who miss their repayments and the move is a major shift by the buy now, pay later firm who has so far has not charged late fees in the UK

Evening Standard

New buy now pay later regulations will be a wake-up call for lenders

City Comment: Some consumers don’t understand the potential dangerous implications of entering into multiple BNPL agreements

Chronicle Live

Buy-now pay-later firms to face clampdown under new rules in the pipeline

Government criticised for the time taken to bring legislation to the table amid concerns over more people getting into debt

The Guardian - AU

Australia’s corporate watchdog joins calls for stricter regulation of buy now, pay later products

Asic raises concerns about missed payment fees and people giving up essentials to afford repayments

Daily Mirror

Buy now, pay later firms set for major crackdown under new rules to protect borrowers

A new consultation has launched today and will look at how buy now, pay later (BNPL) products could be brought under Financial Conduct Authority (FCA) regulation

The Independent UK

Crackdown on buy now, pay later schemes to protect 10 million shoppers

Klarna-style plans have ballooned since regulation all but killed off predatory payday loans

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Sebastian Siemiatkowski

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