RBA announcement is nonsense, page-21

It is NOT a regulators job to stop me borrowing money it is just their job to make sure I am informed of what I am buying.

APT does a great job of doing this by stopping me use the service if I am behind on a payment. Therefore I am rewarded by good behaviour because as long as I pay the 4 payments I pay normal retail.

I can do the same with a credit card if I pay before month is up. But if I leave for 2 months then I am paying 20%.

More importantly 80% of millennials don't have a credit card they only have a debit card.

Banks are losing share to APT. Who do you think is crying to the regulator. Not Visa or MasterCard because their tech still takes debit cards but the banks who can't lend to millennials because they don't want credit cards. They like the APT experience as it is a positive one for them.