New strict regulations could see change in buy now-pay later sector

Strict regulations could soon see new users of buy now-pay later products made to undergo a credit check and proof of income.

Chief executive officer of the Consumer Action Law Centre, Stephanie Tonkin, says the new regulations doesn’t mean the sector will lose popularity.

“What the assistant treasurer has proposed  in the bill … is not the full gamut of the responsible lending act,” she told Tom Elliott.

Press PLAY to hear what the changes mean and how the sector is impacting young Australians

Image: iStock.