Melanie Every from Financial Counsellors’ Association of WA explains Buy Now Pay Later regulations

Last week it was announced that Australia will be regulating the Buy Now, Pay Later (BNPL) industry. The credit act will help treat organisations including Afterpay, Zipay, and Klarna as conventional credit products, after concerns of customers incurring debt and losing control of their spending.

Melanie Every, Executive Officer of the Financial Counsellors’ Association of WA, discusses how all the changes made via the credit act by the end of the year will affect BNPL schemes, and the complicated ways in which people have used BNPL options during times of economic pressure.