The Bank of Thailand and Ministry of Finance are seeking public input on proposed buy now, pay later restrictions, citing concerns that easy digital credit can add to household debt.
Deputy Government Spokeswoman Lalida Persvivatana said the draft would limit credit to 20,000 baht per person and set a minimum user age of 20. Borrowers would have no more than six months to pay for each purchase financed in installments, she said.
The proposed effective annual interest rate could not exceed 15%, according to Persvivatana. That calculation would count related fees and any increase in the purchase price caused by choosing installments, bringing those charges within the proposed cap.
Providers would also have to assess whether customers could repay what they borrow and show them the interest, fees and payment schedule clearly, Persvivatana said. The draft would make applying for credit a separate step from deciding to buy a product and establish standards for debt collection.
In its consultation notice, the central bank identified quick approvals and credit offered during digital purchases as risks for excessive borrowing. It also said some platform providers fall outside current oversight and reporting requirements. The proposed rules are intended to strengthen consumer protection as installment financing becomes easier to access.
Persvivatana said the measures have not taken effect. The bank’s notice says members of the public and business operators can submit comments through its website or Thailand’s central legal consultation system until Nov. 15.
