How bad do you think this will really be? Now young adults 18+ will have a much harder time opening accounts in Australia with these new rules.
Before it was easy for people to get credit with BNPL instead of a CC, but now there is no difference. I can't see how the Afterpay guys are celebrating this.
. This is bad for new account sign ups. May as well apply for a credit card in Aus because you have the same chance getting rejected now.
Zip USA is the only way forward now. BNPL in AUS is getting screwed, especially if the RBA also come in with their proposed merchant fee changes.
Applying for a BNPL service will also be harder from today.
For some of the platforms, you only had to fill out a few details and tick a few boxes before you had the money in your account.
But now these providers will have to assess your ability to repay before approving your request.
They will follow the same rules as credit card companies and lenders by looking at your income, expenses, and existing debts.
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