The Reserve Bank is inching towards tighter regulation of buy now, pay later (BNPL) operators such as Afterpay as the popularity of these services surges and larger players enter the sector.
After the Commonwealth Bank announced its upcoming foray into the booming BNPL sector this week, the RBA on Thursday provided added detail on the discussions it was having with the industry about potential rules on surcharging.
Currently, operators such as Afterpay do not allow retailers to add a surcharge to purchases made through BNPL systems. This often makes these purchases cheaper for customers than paying on a credit card. Read more…..
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