Washington, D.C., December 16, 2021 – The Financial Technology Association (FTA) released the following statement on the responsible use and regulation of Buy Now, Pay Later (BNPL) services:

“We welcome the opportunity to continue our engagement with the CFPB and work with regulators on setting the appropriate standards more formally. FTA and its member companies agree that BNPL products should be regulated differently than traditional or predatory credit providers. BNPL products serve as a useful and growing alternative payment option for U.S. consumers, and it is critical to preserve this access. We look forward to further providing a full and transparent assessment of this innovative solution to ensure it remains properly regulated.” – Penny Lee, CEO, Financial Technology Association

The FTA represents several leading global Buy Now Pay Later (BNPL) companies, including Afterpay, Klarna, Sezzle, and Zip. Our member companies are dedicated to providing a reliable, transparent, and consumer-centric payment option.  FTA remains engaged in congressional discussions on BNPL. FTA CEO Penny Lee testified at a House Financial Services Committee Financial Technology Task Force hearing on BNPL on November 2nd. Find her testimony here. Learn more: Just the Facts: BNPL