{
  "id": 778384,
  "title": "Is Australia’s Buy Now Pay Later boom at an end?",
  "url": "https://urgent.news/2026/08/13/is-australias-buy-now-pay-later-boom-at-an-end-778384",
  "topic": "world",
  "section": "World",
  "published": "2026-08-13T15:00:03.000Z",
  "source": {
    "name": "The Guardian",
    "slug": "the-guardian",
    "url": "https://www.theguardian.com/business/2026/aug/14/is-australias-buy-now-pay-later-boom-at-an-end"
  },
  "original_language": "en",
  "account": "The boom of Buy Now Pay Later (BNPL) services in Australia appears to be reaching its end, according to recent reports. Afterpay, one of the leading BNPL providers, has never turned a profit in the country, and the sector's growth has slowed down significantly. While BNPL platforms were projected to eventually replace credit cards, Australians spent 20 times more on credit cards in the last year compared to BNPL, spending $22 billion on the latter. Eight BNPL platforms have exited the Australian market since 2022, leaving only four major players: PayPal, Klarna, Zip, and Afterpay. The Reserve Bank's recent regulations, aimed at preventing companies from approving customers for funds they couldn't afford to repay, have contributed to the downturn. These reforms have made credit checks mandatory and forced platforms to report new accounts to credit agencies, potentially impacting future activities like mortgage applications. This regulatory change has made it harder for BNPL platforms to attract new users and has led to a 35% decrease in new BNPL account applications over the past three months. Experts suggest that the slowdown might continue, with some operators forced to introduce new revenue-generating models by adding fees or expanding their services. While some platforms like Afterpay and Zip have started charging monthly fees and interest, others like Klarna report continued growth. The industry's future appears uncertain, with industry experts predicting a slower pace of growth and the need for platforms to adapt to changing consumer preferences and regulatory requirements.",
  "summary": "Several firms promised to disrupt the consumer credit market by offering consumers their purchases instantly and the bill later. Did it work? Get our breaking news email , free app or daily news podcast Afterpay has never turned a profit in Australia. Last month, it spent millions to take over a Sydney Olympic Park arena. The company says Afterpay Arena will be the first venue where Australians…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Guardian Australia",
        "title": "Is Australia’s Buy Now Pay Later boom at an end?",
        "url": "https://urgent.news/2026/08/13/is-australias-buy-now-pay-later-boom-at-an-end",
        "published": "2026-08-13T15:00:03.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}