This is a real issue coming to the surface in the...

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sneef

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19/06/24

13:57

Post #: 74390645
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Originally posted by Gutshotpro: ↑

Things are still moving in the right direction:

https://www.copyright link/companies/financial-services/rba-ready-to-regulate-apple-even-after-it-stops-its-bnpl-loans-20240618-p5jmlx

The above was an article posted in the AFR this morning. The link will be blocked here no doubt, but the article title reads 'RBA to launch a review of payments regulation'. This review is aimed at BNPL, bringing them more into line with traditional financial products. It appears there are a few agenda items at play, but increased regulation can only be good for the competitiveness of Splitit.

Small extract from the article:

"Apple said on Tuesday it would stop financing buy now, pay later loans directly from its balance sheet, having set up a separate BNPL financing subsidiary last year, in favour of offering BNPL loans from specialist providers directly from its Apple Pay wallet, a shift it unveiled last week.RBA head of payments Ellis Connolly has revealed the central bank is considering whether BNPL company bans on merchant surcharging the services should be removed.

Apple’s withdrawal of its own BNPL product comes as BNPL is being regulated as credit around the world. Apple is keen to avoid being subjected to banking-style regulation."

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This is a real issue coming to the surface in the US.

https://www.skadden.com/insights/publications/2024/06/cfpb-applies-credit-card-rules#:~:text=For%20example%2C%20a%20bill%20introduced,lenders%20to%20make%20%E2%80%9Ca%20reasonable

This explains why Apple is scrapping Apple Pay Later.

https://finance.yahoo.com/video/apple-dumps-apple-pay-later-160722257.html

SPT Price at posting: 7.5¢ Sentiment: Buy Disclosure: Held
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