Reported 5 months ago
The Consumer Financial Protection Bureau has introduced a new rule stating that buy now, pay later lenders must adhere to the same legal rights and protections as credit card providers, including the right to refunds and transaction disputes. This regulation follows an inquiry into the industry due to consumer complaints, with major players like Affirm and Klarna welcoming the move and emphasizing their existing dispute resolution processes. The rule aims to ensure that consumers using buy now, pay later services are granted similar protections as those using traditional credit cards.
Source: YAHOO