Clark: Buy Now, Pay Later shouldn't harm users

Commerce minister David Clark said now was the right time for regulatory updates to BNPL. (Image: Getty)

Thu, 03 Nov 2022

Commerce minister David Clark said the recent rise in Buy Now, Pay Later (BNPL) use shows the product serves a purpose in the market, but he doesn't want consumers harmed by it.Yesterday, Clark announced the government was introducing new regulations that would see the sector covered by the Credit Contracts and Consumer Finance Act (CCCFA).Earlier this year, Clark came under pressure as changes to the CCCFA that were intended to protect the vulnerable started impacting people’s ability to get mortgages.That caused the government to re...

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