The Australian Finance Industry Association (AFIA) is pleased to announce that its Code of Practice for the Buy Now Pay Later (BNPL) industry came into effect today.
AFIA’s BNPL Code is a world first for the sector. It goes beyond Australian law, setting standards of good practice for the industry and strengthening consumer protection. It does this while preserving the choice of customers to make purchases and payments in a way that suits their needs and preferences.
AFIA worked with its BNPL members and key stakeholders such as consumer advocates to develop the Code. There was extensive consultation to understand the key issues the Code should address that would bring the most value and confidence to consumers, advocates, ASIC and other stakeholders.
Speaking of the BNPL industry, AFIA CEO Diane Tate said, “The growth and diversity of products and services improves consumer choice. This gives life to the concept that innovation and competition are reserved for the ‘ordinary person’ and that this can be achieved while codifying strong protections for consumers ”.
The BNPL industry includes a wide range of business models so that clients wanting a BNPL option can choose the right one for them based on their payment preferences, type of purchase and circumstances. BNPL is a way to budget and manage your money efficiently. You pay for your purchases in installments and without interest charges.
On the Code, she underlined the …
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