The government said it would issue draft legislation for consultation later this year and planned to introduce the bill into Parliament by the end of the year. We do conduct ID, credit and affordability checks on our customers, so we do really have a very good understanding of their financial circumstances prior to offering them any of our services," he said in an television interview on the Australian Broadcasting Corporation. ![]() Actual installment fees vary and can range from 0 to 7.50 depending on the purchase price and Zip product used. The remaining 4.50 is included in your future payments. We do currently hold an Australian Credit License already. A 6 installment fee is charged at commencement - you pay 1.50 of this fee as a prepaid finance charge when you make your initial payment today. “We have been advocating for fit-for-purpose regulation. Zip Chief Operating Officer Peter Graysaid that the impact of the changes on the company would be very minimal. “Our plan prevents lending to those who cannot afford it, without stopping safe, prudent BNPL use," Jones said.Īustralian BNPL operator Zip welcomed the government’s reforms, and said they are a “sensible balance" between protecting customers, prompting competition and providing confidence to the industry. The Australian Securities and Investments Commission will be given “strong enforcement powers," under the plan, Jones said, while the industry will also be consulted on the details, he added. The plan announced by authorities on Monday was option number two, which also detailed that providers must comply with statutory product disclosure and other information obligations, as well as Responsible Lending Obligations. It offered three broad options, including one where providers are subject to the same regulation as other credit products, such as credit cards. ![]() From renos through to luxe beauty, your next purchase is under control. The move to regulate the BNPL industry comes after the Treasury in November published a consultation paper which sought feedback on how the sector should be regulated. Download the Payright app and apply for pre-approval of up to 10k, whenever, wherever.
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