Gareth Shaw, Which? Head of Money, said:
“Buy now, pay later (BNPL) services offer ease and convenience for many, providing an important alternative to other, more costly types of credit.
“However, Which? research has found that people often turn to BNPL at stressful and challenging times in their life only to be confronted by a barrage of online shopping checkout options, often without any important information about late fees, credit checks and the risks of falling into debt.
“It is encouraging that the government has now set out a timeframe for its consultation, after which there can be no delay in regulating BNPL to ensure that those who use it are properly informed and protected.”
Notes to Editors: