Commonwealth Bank boss Matt Comyn has warned that Afterpay and the rest of the buy now, pay later (BNPL) outfits need to be reined in, adding that retailers should be able to pass on the higher cost of BNPL payments to customers.
Appearing before a parliamentary committee on Thursday, he said all BNPL operators should be asked to conduct some form of credit check on their customers — something that is not required today. Mr Comyn effectively singled out Afterpay without naming the company in his statements.
“I don’t think it’s unreasonable given the size of the market, the scale of the individual players, in one instance being an ASX 20 company, to make an investment in understanding their customers’ circumstances and financial position,” he said.
“I would acknowledge the work and innovation that they’ve undertaken to build such a, in some instances, large and successful company, and avoiding all of that regulation is quite a feat.”
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