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Buy-Now-Pay-Later Firms Offering ‘Indirect Credit’ Must Now be Authorised by the Central Bank

“The Central Bank of Ireland has widened its consumer protection rules to cover so-called ‘buy-now-pay-later’ (BNPL) firms. It means companies offering “indirect credit” to customers, allowing them to spread the cost of purchases over instalments while charging them interest, will now need to be authorised by the regulator, the Central Bank said in a statement.”