The new member is the only BNPL provider of the federation
The Financial Services Federation (FSF) has announced Afterpay is the latest addition to its network of members. This makes Afterpay the federation’s only Buy Now Pay Later (BNPL) provider.
Afterpay is a BNPL provider that operates internationally and in New Zealand. According to a news release, Afterpay offers the product free when payments are made on time. The product it offers allows consumers to spread their payment for goods and services over six to eight weeks.
“We are delighted to welcome Afterpay as our newest member, growing our base of responsible lenders that contribute to the important policy discussions and initiatives that make
New Zealand one of the leading non-bank lending sectors in the world,” said Lyn McMorran (pictured), executive director of the FSF.
“BNPL is an increasingly popular and valuable payment service in New Zealand. When used responsibly, it helps consumers to manage their budgets while giving retailers of all sizes the opportunity to acquire customers through more flexible payment options.”
Morran said Afterpay was able to satisfy the membership criteria as laid out by the FSF’s executive committee, including compliance with the CCCFA and a commitment to responsible lending. “We look forward to working with Afterpay and all our members to continue advocating for fit-for-purpose regulations while promoting responsible lending practices across Aotearoa New Zealand,” she said.
“Afterpay’s platform was built to encourage responsible spending and our consumer safeguards are fundamental to how Afterpay works. We look forward to continuing to work with the FSF and the New Zealand community to provide a safe and transparent financial option for customers,” said Michael Saadat, international head of public policy for Afterpay.
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