Buy Now Pay Later (BNPL) services – Federal Government Regulation Demanded

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March 30, 2021

Buy Now Pay Later (BNPL) services – Federal Government Regulation Demanded

Buy Now Pay Later (BNPL) is a popular payment method in Australia today. According to research by Mozo, approximately 5.8 million people in the country have a BNPL account, with 10 providers offering the service. The rapid popularity of BNPL is because it comes with zero upfront costs and zero interest on repayment.

Consumer groups want the BNPL sector regulated

Consumer groups are now attacking the rapidly growing BNPL sector, arguing that it actually encourages customers to spend more. They want the government to regulate the sector under the National Credit Act because it’s a credit service and therefore should be regulated like other credit services. They claim that while the service offers zero upfront costs and zero interest on repayment, the account keeping and late repayment fees attached to it can cause psychological problems to the customer. 

While the battle to regulate the BNPL sector continued, major players in the solar industry started a campaign to exclude solar system sales from BNPL regulation.

The Australian Competition Tribunal’s verdict on BNPL solar finance

In September 2020, The Australian Competition Tribunal rejected rule changes that seek to limit access to BNPL commercial and residential rooftop solar panels finance. The tribunal ruled that limiting access to those finances will negatively affect the solar industry, considering that the government is encouraging people to use solar energy. 

The push to regulate the activities of BNPL solar was spearheaded by the Australian Competition and Consumer Commission. The commission argued that consumers need to be cushioned from exploitation and annoying sales tactics like cold calling and door knocking by the BNPL providers.

Where to buy high-quality commercials and residential solar panels at reasonable prices

With the cost of solar decreasing by the day, more and more people are installing solar panels to reduce their electricity costs. While there are many solar installation companies, most business operators and homeowners swear by Arise Solar because we offer the best systems and prices for commercial and residential use. The residential solar systems available range from 6.6 KW solar power systems to 15 KW solar power systems. Our most popular is the 6.6 KW solar power system, which is ideal for standard homes. Our commercial solar systems range from 30 KW solar systems to 100 KW solar systems.

If you’re looking to install a reliable and high-quality solar system in your commercial or residential property in Queensland, New South Wales & South Australia, Arise Solar is the right choice.

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