Similar news story on the ABC. It was Fiona Guthrie from the Financial counselling Aust talking about the most vulnerable folks being a target market of the BNPL sector & that it is unregulated. Fiona's point being the credit limits are fairly wide (ie:$1k to $30K) & the proper credit checks not being made.
If you want to come up with a rebuttal to the story ie: not all BNPL products are the same take for instance SPT's model, very difficult to use SPT as the general public "dont know about it" & not currently available in most retail outlets. The quicker we can get merchants signed up with a sign saying "you can use SPT here" the turnaround will be. Why is it taking soooooooo long to sign up the merchants now that the infrastructure & agreements in place ?
The Next Chapter, page-666
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