Arca, the peak industry association focussed on the use of credit reporting and consumer data, has shown its support for the Federal Government’s legislation to regulate the buy now, pay later (BNPL) industry, which passed through Parliament on Thursday evening.
Michael Blyth, General Manager, Policy & Advocacy at Arca (previously the Australian Retail Credit Association), said, “Arca welcomes the passage of the BNPL reforms, as we have been long-standing supporters of the need to bring the BNPL sector into the existing credit framework.”