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Australia looks to curb booming ‘buy now, pay later’ industry
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There are growing concerns that the sector has grown rapidly without ensuring that consumers can afford their debts.
PHOTO: EPA-EFE
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SYDNEY - Australia is looking to crack down on the soaring “buy now, pay later” (BNPL) sector over concerns that consumers – especially younger people – are ending up with excessive debts that they cannot repay.
The federal government has signalled that it is considering a range of measures, including requiring that BNPL providers conduct financial checks to ensure that consumers can afford purchases.
