A code of conduct outlining best practices for "buy now, pay later" (BNPL) providers was introduced on Thursday following seven months of discussions among industry players, and will take effect on Nov 1.
The code was developed by the Singapore FinTech Association (SFA) and eight industry players including Atome, Grab Financial Group, and Shopback, with Monetary Authority of Singapore (MAS) guidance.
It was initiated following concerns that the emerging payment option was luring people into debt, given that BNPL allows consumers to defer payment on goods or services without having to pay interest. They either repay the purchase price in one lump sum or in three to four equal instalments, usually over two to three months.
Because consumers are able to borrow for "free" for short periods and because their purchases are split up into manageable repayments, there have been concerns that people will overspend and end up deep in debt.
この記事は The Straits Times の October 21, 2022 版に掲載されています。
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この記事は The Straits Times の October 21, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
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