TransUnion Responds to New Buy Now, Pay Later Legislation

Madhusudan ‘Madhu’ Kejriwal, CEO of TransUnion in the UK and Europe, comments on the new buy now, pay later legislation:

“As clarity around buy now, pay later (BNPL) regulation is provided, we welcome the introduction of clear legislation for a payment method now regularly used by millions. With adoption growing across all age groups, legislation is a positive and timely step to ensure consumers receive the same protections they enjoy with other regulated credit products. 

“TransUnion led the way as the first UK credit reference agency to include BNPL data in consumer credit files – consequently we are in a strong position to share insight and expertise on what this means for consumers and BNPL providers alike.

“Guided by our commitment to using ‘Information for Good’, we’ve worked to support both consumer protection and responsible lending, helping finance providers ensure payment plans are affordable and sustainable. 

“Based on our close collaboration with key clients, we believe that the vast majority of BNPL providers are committed to good customer outcomes, so our aspiration is that these regulations provide a useful lens to clarify any pending doubts.

“By promoting transparency, preventing unaffordable borrowing, and providing consumers with rights when issues arise, BNPL legislation will play a vital role in driving financial inclusion and broadening access to credit.”