He was pedalling as fast as he could but running a BNPL business is like a giant game of whack a mole. The new BNPL Responsible Lending legislation passed the Parliament last week, as well as the new regulations giving the RBA powers to regulate digital payments and BNPL. The RBA now has the regulatory power to strike out contracts between BNPL providers and merchants. It is now only a matter of time before merchants will be able to (and encouraged) to add the cost of BNPL to purchases as an additional fee. The legislation passed the Parliament on 28 November. Was that the final straw for Larry?
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