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Laybuy Welcomes Government Announcement To Regulate BNPL
New Zealand Buy Now, Pay Later (BNPL) provider Laybuy welcomes today’s announcement by the Government to strengthen regulation of the BNPL sector.
Laybuy Managing Director Gary Rohloff says BNPL provides consumers with a safe and convenient alternative to credit cards, providing small amounts of interest-free credit and structured repayments.
“While BNPL can help consumers manage their budget by allowing them to spread the cost of their payments interest-free, it is still a form of credit and needs to be treated as such,” says Gary.
“That is why we support an enhanced regulatory framework that recognises the unique features of BNPL, but also protects vulnerable consumers and ensures they are not taking on a debt that they cannot afford.
“While we still need to work through the details of today’s announcement, we already check every new customer, utilise the services of an independent dispute resolution agency and have a robust hardship policy in place.
“We look forward to engaging with the Government through the consultation process and to ensure that the regulation strikes the right balance and allows consumers to continue enjoying the benefits of BNPL.”
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