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Ketharaman, Lets agree to disagree. 

I feel sellers of products and services have a shared responsibility. Car manufaturers are responsible for faults in the vehicles, finance providers are similarly responsible. 

Thanks for amazing comments. 

I'm keen to hear other views as well. Do you agree or disagree. 

Thanks for your comments, always love a lively debate. 

I think you're missing the point. I agree, BNPL does provide liquidity in a market where there is rarely any. It also very cleverly avoids regulation by not having lending or loans or debt in their language. 

The challenge is ultimately that people who use it still face the same issues, they are challenged financially, they have low financial literacy and when a "lending" product presents itself as anything but and then when you face repayment issues treats you as a bad customer with penalty rates and reports to credit beaurues. The end result is the same, you end up destroying any chance of that individual borrowing cheaply in the future and ultimately have to resort to debt advice and recoveries.

With a rise in use of BNPL for buying essentials should be sending alarm bells for the economy. 

Having been on your side of the fence, I must admit to having some prvilege bias and expecting all customers to be knowledgable and understand the contracts they get themselves into. Being on the other side I can admit it is not always the case.

We know poverty premium is real, poorer in society pay more to access the same services and we need to be aware of the intended and unintended consequences of financial products. 

I'm not saying there should be more regulation, I'm saying treat your customers with care (beyond the point where they can afford your products) and if you can't then you need to be regulated and told to care for your customers like all the incumbent lenders that don't understand how to treat a customer with care and need the Duty of Care to tell them.