India, June 13 -- Customers who rely on buy now, pay later face major rule changes effective from July 15, 2026. These new rule changes include undergoing the affordability check under the strong protections, which are coming into force. This sector will come under the Financial Conduct Authority's regulation, and lenders will need to be authorised by the regulator to provide BNPL products.

Major Changes in Rule for Users of Klarna, Clearpay, and PayPal

The BNPL options like Klarna, Clearpay, and PayPal that appear at online checkouts and enable people to spread the cost of purchases, which, for some people, makes their payments easier to manage.

However, the products have been controversial, concerning over that some people could over...