Buy Now Pay Later: Australia

Commonwealth Bank's StepPay and NAB's Now Pay Later are gaining ground by offering similar 4-installment structures with the added security of established banking infrastructure.

Until recently, BNPL operated in a "regulatory gray area". However, starting , providers must comply with the National Consumer Credit Protection Act . This means:

Australia's second-largest platform, offering Zip Pay for smaller amounts and Zip Money for larger purchases up to $5,000. buy now pay later australia

Because BNPL accounts are now visible to credit bureaus, missed payments can directly lower your credit score. Some banks even require customers to close BNPL accounts before approving home loans.

Buy Now Pay Later (BNPL) has transformed from a niche fintech experiment into a cornerstone of Australian retail. As of early 2026, the market is projected to reach approximately , despite facing the most significant regulatory shake-up in its history. The Big Shift: Regulation is Here Commonwealth Bank's StepPay and NAB's Now Pay Later

About 41% of Australians have used a BNPL service in the last six months.

While pioneers like Afterpay still lead with roughly , traditional banks are rapidly closing the gap by embedding BNPL into existing card products. Buy Now Pay Later (BNPL) has transformed from

All providers must now hold an Australian Credit Licence (ACL).