Shoppers, Beware: Aussie Banks Begin Pushing For A BNPL Tax
Buy now, pay later (BNPL) users, beware. Two of Australia’s top banks are urging the Reserve Bank to set up a system that would see users who buy goods on BNPL having to ante up extra money, which the banks would swallow.
Currently the rules, which are administered by the Reserve Bank, firmly endorse a policy of no payments beyond what’s on the price sticker. That – and the ease of joining the system – has seen mammoth growth of the BNPL system across Australia, and increasingly overseas.
But outfits like Afterpay, the leading outfit behind BNPL, does charge retailers fees of 3-6 percent of the purchase price. That’s paid by the merchants, not the shoppers.
But now CommBank and the ANZ are urging the Reserve Bank to allow merchants to charge extra fees to be paid by the customers.
Will the bank go along – and if it does, will BNPL lose much of its current huge appeal? Watch this space.