High-flying listed "buy now, pay later" finance company Afterpay has been forced to change its processes following a sensational report by governance firm Ownership Matters that detailed how minors could use the payments to buy up to $300 of alcohol while an account registered to Mickey Mouse spent $250 on wine and other goods.
In a statement to the Australian Securities Exchange on Wednesday, Afterpay said it was upgrading its systems to "curtail alleged under age usage of its service by dishonest users".
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
