First in a Generation Payments System Regulation Reform
(10 December 2021 – Australia) Buy now, pay later (BNPL) companies are set to face new regulations under payment reforms the Australian government will impose as part of the first payments system reform measures in over two decades.
Treasurer Josh Frydenberg announced plans to reform Australia’s payments system to adapt for rapid innovation and new technology, from central bank digital currencies and digital wallets to crypto currency and instalment BNPL operations.
“The trend towards digital payments will only accelerate, noting there are over five million active BNPL customer accounts. Despite this disruption, the regulatory framework governing the payments system has remained largely unchanged over the last 25 years” Mr Frydenberg commented.
“Given the pace of change and those leading it, if we do not reform the current framework it will be Silicon Valley that determines the future of our payments system. A system that represents a critical piece of our economic infrastructure”.
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