Ministry of Business, Innovation and Employment
NZBA supports the application of the CCCFA to Buy Now Pay Later (BNPL) contracts generally. We consider it is in the best interest of consumers for BNPL to be treated the same way as other forms of consumer credit. There does not appear to be a strong justification for different treatment, with the purpose of BNPL credit often being the same as other credit products. The potential for customer harm from BNPL products is similar to the potential for harm from other forms of consumer credit in the absence of adequate checks.