"so why is klarna (ie comm bank who have 50% stake in oz and nz business) pushing for mandatory credit checks?"
Broke Millennial on Jobseeker signs up for BNPL. Spends all the credit buying online. Says "Sorry, I can't repay - not even the minimum payment". BNPL writes off loss. One $1000 loss wipes out the profit of hundreds of other BNPL customers. That is why CC rates are so high. Unsecured debt is a very risky business.
