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We do currently hold an Australian Credit License already. “We have been advocating for fit-for-purpose regulation. Zip Chief Operating Officer Peter Graysaid that the impact of the changes on the company would be very minimal. “Our plan prevents lending to those who cannot afford it, without stopping safe, prudent BNPL use," Jones said.Īustralian BNPL operator Zip welcomed the government’s reforms, and said they are a “sensible balance" between protecting customers, prompting competition and providing confidence to the industry. The Australian Securities and Investments Commission will be given “strong enforcement powers," under the plan, Jones said, while the industry will also be consulted on the details, he added. Shop online with our retail partners and pay with Wizitpay in 4 instalments over 6 weeks and zero interest forever. The plan announced by authorities on Monday was option number two, which also detailed that providers must comply with statutory product disclosure and other information obligations, as well as Responsible Lending Obligations. It offered three broad options, including one where providers are subject to the same regulation as other credit products, such as credit cards. The move to regulate the BNPL industry comes after the Treasury in November published a consultation paper which sought feedback on how the sector should be regulated.
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