Commonwealth Bank CEO Matt Comyn has launched a fiery attack on Afterpay and the rest of the buy now, pay later sector, arguing it is now too big to avoid regulation and users of the popular payment apps are more risky than non-users.
With CBA estimating $10 billion is spent a year using buy now, pay later apps, Mr Comyn told the house economics committee that policy settings require a “comprehensive review” and were currently skewed too far towards innovation, creating an unfair playing field.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
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