Payright supports AFIA Buy Now, Pay Later Code
Payright welcomes the recent announcement by the Australian Finance Industry Association (AFIA) on establishing a Buy Now, Pay Later (BNPL) Code of Practice.
Payright is one of seven BNPL providers actively working with AFIA to assist with the development of this world-first code of practice – participating members, including Payright represent around 95 per cent of the Australian BNPL market.
Following the inquiry conducted by the Senate Economics Reference Committee, which recommended the development of a BNPL Code of Practice, AFIA and BNPL members have come together to propose the release of a Code of Practice for the BNPL sector. The six-week public consultation commenced in mid-January with the intent that the Code of Practice for BNPL providers will be implemented in mid-2020.
Piers Redward and Myles Redward, co-founders and joint CEOs of Payright, commented, “Payright welcomes the Buy Now, Pay Later Code of Practice led by AFIA to set clear and consistent standards for our industry. Our priority is and has always been our merchants and customers and we will continue to grow and refine Payright to meet the expectations set by our industry and uphold consistently high standards of service delivery. The BNPL Code provides a great opportunity and responsibility to deliver robust consumer protections while still providing them options for purchases and payments.
“The Code addresses ASIC’s review of the BNPL sector and the Recommendations of the Senate Economics Reference Committee. Most of what has been recommended from the Senate inquiry and ASIC and subsequently the Code’s proposals Payright are actually already doing, and we will continue to grow and refine Payright to meet the standards proposed and set by the BNPL Code. Payright offers the choice and flexibility that consumers want in the way they shop and pay and always considers affordability and ability to repay before approving any consumer application. We will keep applying principles that are mutually beneficial for our merchants and customers that deliver on speed, security, affordability and simplicity.”