Drink now, Pay later
Image:Photo courtesy of Nattakorn_Maneerat via Shutterstock
Australian Venue Co. has become the first hospitality group in Australia to offer buy now pay later payment options, in their recent partnership with Afterpay. Similar to credit cards, customers will be able to use the application using their digital wallet, allowing them to pay off their meal in four installments in any of their 160 plus establishments. Many experts have expressed concerns over this expansion of buy now pay later payment products as, unlike other financial institutions, companies such as Afterpay aren’t subject to the same regulatory requirements regarding responsible lending.
Produced By: Isabella Michie
Featured In Story: James Hunt, the campaign director of Financial Counselling Australia, and Katherine Tempe, Director of Policy at the Consumer Action Law Centre
First aired on The Wire, Tuesday 9th of November 2021