As Josh Frydenberg prepares to take on greater oversight of the nation’s transforming payments system, the Treasurer is going to have to pick a side and upset some friends on buy now, pay later (BNPL).
Frydenberg’s looming decision will reverberate around the world, from US giant Square’s $39 billion takeover of Afterpay to the local big banks fending off fintech challengers and small businesses selling to Millennials embracing BNPL and eschewing traditional credit cards.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
