Australia's government announced regulations for buy now, pay later services, which will be labeled as consumer credit products, which puts them under the country's Securities and Investments Commission's watch.

<div class="block">Australia&#39;s government announced regulations for buy now, pay later services, which will be labeled as consumer credit products, which puts them under the country&#39;s Securities and Investments Commission&#39;s watch.</div>

Closing Bell

Australia Cracks Down on Buy Now, Pay Later

Well, Australia's government announced regulations for buy. Now pay later services which will label them as consumer credit products. Under this new law does put buy now pay later. Companies like afterpay and zip go under the Australian Securities and Investments Commission. The move forces providers to carry out background checks before lending money. And now as Australia battles record, high inflation concerns about repayment have been rising. Leading Australia's government to consider buy now pay later as credit because it has the same impact on borrowers. Australia is the second country after Britain to regulate buy. Now pay later as a standard credit product.