Analysis

Openpay’s remorse fuels buy now, pay later’s critics

The buy now, pay later sector’s regulation is questioned upon revelations Openpay charges customers who die default fees, as it pushes into healthcare lending.

Tom RichardsonJournalist

Mar 17, 2021 – 2.31pm

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Australia’s ballooning buy now, pay later industry faces accusations it’s in a Hunger Games-style race to the bottom, with corporate regulator ASIC asleep at the regulatory wheel.

On Thursday, $290 million ASX-listed buy now, pay later, player Openpay said it would scrap existing terms and conditions that made a borrower liable for default fees in the event of death.

Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate.