fintech / news / / Reuters
PayPal Holdings Inc (PYPL.O) wants buy-now-pay-later (BNPL) loans subjected to consumer protection law.
PayPal has publicly called for BNPL loans to be regulated under consumer protection laws in Australia.
KEY POINTS
- PayPal supports mandatory credit licenses and suitability checks for BNPL providers above a set threshold.
- PayPal proposed a bespoke BNPL credit reporting framework with fewer costs than traditional credit reporting.
- Most BNPL providers argue for self-regulation, while PayPal backs formal government regulation.
- Australia's government aims to enact BNPL regulation in 2023 amid rapid sector growth.
COMPANIES
Summarized by Newsio from Reuters. How we summarize →