Well, Australia's government announced regulations for buy. Now
pay later services which will label them as consumer credit
products. Under this new law does put buy now
pay later. Companies like afterpay and zip go under
the Australian Securities and Investments Commission. The move forces
providers to carry out background checks before lending money.
And now as Australia battles record, high inflation concerns
about repayment have been rising. Leading Australia's government to
consider buy now pay later as credit because it has
the same impact on borrowers. Australia is the second
country after Britain to regulate buy. Now pay later
as a standard credit product.