Photo: Screenshot
Financial watchdogs want the rules about Buy Now Pay Later schemes strengthened, saying the last tweak didn't work.
It's been described as both a lifeline, and a trap.
Buy Now Pay Later (BNPL) has been in New Zealand for about eight years. It's still a relatively new product, but one million Kiwis use one of the four companies providing it.
However a new report from Consumer NZ and FinCap, with research done by Victoria University, has raised concerns about the damage BNPLs are doing to some borrowers.
The report says a regulatory tweak in the rules in 2024 did nothing to help prevent harm, and financial mentors report people are trying to break in
Continue Reading on RNZ
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.