News: APT ASIC Publishes New Report On Buy-Now-Pay-Later Industry

Nov 16 (Reuters) - Australian Securities & Investments Commission:

• SAYS PUBLISHED A NEW REPORT ON THE BUY NOW PAY LATER INDUSTRY
• TOTAL AMOUNT OF CREDIT EXTENDED IN BUY NOW PAY LATER INDUSTRY HAS ALMOST DOUBLED IN 12 MONTHS
• SAYS ASIC'S RESEARCH SHOWS THAT ONE IN FIVE CONSUMERS ARE MISSING PAYMENTS
• THERE ARE REGULATORY CHANGES COMING THAT WILL IMPACT BNPL INDUSTRY, WITH DESIGN & DISTRIBUTION OBLIGATIONS COMING INTO EFFECT IN OCT 2021
• DESPITE CONTRACTUAL PROHIBITIONS, STILL POSSIBLE FOR SURCHARGING TO OCCUR & CONSUMERS TO BE CHARGED MORE WHEN USING BNPL ARRANGEMENT
• PERCENT OF TRANSACTIONS INCURRING MISSED PAYMENT FEES GENERALLY DECLINED BETWEEN JAN & JUNE 2020

Source text - (https://bit.ly/3lyic2g)

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