MRSG Committee Decision on Buy Now Pay Later (BNPL) services

MRSG was recently offered the option to enable Buy Now Pay Later (BNPL) through Klarna via our online payment provider, Stripe, utilised on our website. After careful consideration, the MRSG Committee has decided not to allow Klarna or any BNPL services on our payment gateways. We have also resolved not to adopt any BNPL options across our payment systems in the future. 

This decision aligns with our commitment to safeguarding the well-being of our community. BNPL products are currently unregulated and fall outside the scope of the Responsible Lending Obligations that apply to traditional credit products (Department of the Treasury, 2023). Additionally, industry hardship practices are inadequate (Financial Counselling Australia, 2021). 

As such, MRSG, including its Action Groups and Projects, will not provide financial solutions that may contribute to financial stress or harm to our constituents. 

If you have any questions or would like further information, please contact info@mrsg.org.au.