The Bank of Russia is considering the possibility of introducing a limit on the amount of free installments provided by BNPL (buy now, pay later) services. The Central Bank reported this to the news agency RBC.
The Central Bank plans to make changes to the legislation that will regulate the purchase of goods and services using BNPL services by June 1 of this year. We are talking about different arrangements for two installment models: paid and free.
The paid installment plan is actually a consumer loan. Such installment plans should be provided by professional lenders.
Free installments will be provided by expert operators. In this case, requirements will be created for them to ensure the protection of consumer rights.
For free installment services, the Central Bank thinks it is possible to introduce additional regulation in the form of a limitation on the purchase amount. Currently, the threshold range of 60-80 thousand rubles is considered the maximum volume of one-time purchases from one buyer, paid in installments.
Previously lawyer Gusyatnikov explainedwhen the bank has the right to change the conditions for withdrawing cash from the credit card.
Previously recognizedRussia’s largest marketplaces will form a Digital Platforms Association.