This week, PayPal submitted its response to the Australian Treasury Department options paper on Regulating Buy Now, Pay Later in Australia. The options paper seeks industry's views on three broad options that aim to provide a regulatory foundation for the future growth of BNPL in Australia.
In PayPal's response, we welcome the Government's focus in the Options Paper on striking the right balance between consumer protection and confidence and continued availability of innovative and competitive forms of alternative credit. We are supportive of the guiding principles outlined to the regulation of Buy Now Pay Later. We share further perspectives on the proportionality of future regulatory frameworks, noting that elements of the existing credit regulatory regime could be tailored and applied to Buy Now Pay Later.
View the response here. The response submitted by PayPal can also be found on the Australian Department of the Treasury website.