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  1. 1D AGO

    Afterpay Revenues and Buy Now Pay Later Hardship w/ Jake Lilley: 20th May, 2026

    Last week, figures published by RNZ showed that Afterpay made close to $20m in late fees in Aotearoa New Zealand, in the year to December 2025. This revenue is an increase on their 2024 earnings, and comes after legislation was introduced to bring Buy Now Pay Later lending services—such as Afterpay—under similar regulation to other lenders. Prior to September of 2024, buy now pay later lenders were exempted from the Credit Contracts and Consumer Finance Act that governs other lenders. This is because, unlike other lenders such as credit card companies, buy now pay later schemes do not charge interest or any other fees—so long as the debts are repaid on time—meaning they did not meet the definition of a ‘consumer credit contract’. After September of 2024, however, they came under the act, with some exemptions, such as that they don’t have to carry out the same checks as other lenders to see if a borrower can actually afford a loan. A later amendment exempted them from the prohibition on charging unreasonable fees and also exempted them from being required to ensure default fees do no more than reasonably compensate the provider for their costs. Earlier this year, Consumer New Zealand and FinCap (with support from Victoria University and funding from the Borrin Foundation) published the second stage of their report examining Buy Now Pay Later schemes in Aotearoa New Zealand, before and after these regulatory changes. So, to discuss the recently reported Afterpay late fee revenues within the wider context of what that report found, producer Theo spoke to the senior policy advisor at FinCap, Jake Lilley.

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