Being one of seven BNPL providers actively working with AFIA, Payright’s goal is to assist with the development of this world-first code of practice. The participating members, including Payright, represent around 95% of the Australian BNPL market. The reason behind supporting the Buy Now, Pay Later Code of Practice led by AFIA is to set clear and consistent standards for the industry.
Moreover, this follows the inquiry conducted by the Senate Economics Reference Committee, which recommended the development of a BNPL Code of Practice. AFIA and BNPL members have come together to propose the release of a Code of Practice for the BNPL sector. The six-week public consultation commenced in mid-January with the intent that the Code of Practice for BNPL providers will be implemented in mid-2020.
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