“现在购买，稍后付款”（BNPL）行为准则

Buy Now, Pay Later (BNPL) Code of Conduct Overview

Introduction

In recent years, the usage of Buy Now, Pay Later (BNPL) services has significantly increased, particularly among online and offline retailers. BNPL involves splitting the cost of a purchase into several equal installments, usually monthly. This method is versatile, catering to various product ranges and serving both high-value and low-value items. It has gained traction, especially among digital natives, under-served, and under-banked demographics.

Purpose of BNPL Code of Conduct

The BNPL Code of Conduct aims to promote industry best practices and mitigate risks of consumer detriment. It ensures that BNPL offerings positively impact Singaporean consumers and benefit the ecosystem by setting standards for industry practices, including conducting creditworthiness assessments, ensuring fair marketing practices, and offering hardship repayment plans.

Key Components of the BNPL Code

• Age Restriction: BNPL services are offered to individuals aged 18 and older.
• Customer Onboarding: Requires collecting personal information such as name, date of birth, identification number, email, and mobile number for identity verification and credit information sharing.
• Credit Assessment: Before granting a BNPL limit over SGD 2,000, additional information like address, nationality, and income documentation is collected for credit assessment.
• Fee Management: Caps fees, including late fees, and ensures transparency in fee structures and communication.
• Non-compounding of Fees: Does not compound interest or fees.
• Income Verification: Requires keeping income information up-to-date, potentially adjusting credit limits accordingly.
• Hardship Assistance: Offers financial relief during life events or financial difficulties, including fee waiver or deferral.
• Risk Mitigation: Ensures BNPL services are not provided for high-risk activities and allows customers to opt-out.
• Service Review: Regularly evaluates BNPL services to ensure they meet customer needs.
• Transparency and Communication: Provides terms and conditions in English, with options for translations and clear communication of changes.

Ensuring Fair Dealing and Misleading Information

• Clear Disclosures: Updates terms and conditions regularly and notifies customers of significant changes at least two weeks in advance.
• Fair Marketing: Ensures terms and conditions are presented fairly, clearly, and transparently.

This code serves as a guiding framework for BNPL providers in Singapore, promoting integrity and best practices within the industry.