PayPal adds a powerful voice from inside the sector calling for regulation. Read more at straitstimes.com.
SYDNEY - Payments giant PayPal Holdings wants buy-now-pay-later loans to be subject to consumer protection law, it said in a submission to the Australian government, adding a powerful voice from inside the sector calling for regulation.It said it has its own safeguards to protect shoppers from borrowing too much.
The submission gives the fullest account so far of PayPal’s position on how much the sector should be supervised by the state. As a consequence, the sector’s business exploded in an online shopping frenzy spurred by Covid-19 stimulus payments and ultra-low bank interest rates.
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