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  • Subject Name : Management

Future of Payment

Macro analysis has impact on Open Pay‘s business profitability and continuity. Below is the technological, legal and environmental impact on the company

Technological Impact – The digital payment landscape is supported by technological advancement in Australia. The flexible interest payment can be utilized through 5G penetration. The rise of ecommerce and mobile penetration in the country is favorable for Open Pay through digital ecosystem. The New Payment Platforms have potential of growth by capitalizing real time payment system. The company has used continual data analysis and consumer history profiling. The lending institution payment supported by peer network and SaaS will be competitive advantage for the firm (PwC, 2020). The support flexible payment will help in advancement and growth of buy now pay later app.

Legal factors- The buy now pay later option by Open Pay is based on monetizing business through merchant fees and missed payment fees. The National Credit Act exempt Open pay as change in periodic fees, similarly exemption set out for consumer credit law under NCCP Act and documentation (Smart Company, 2019). The increased scrutiny for legal and regulatory requirements will impact business operations and will impact business profitability. The largely unregulated buy now pay later market has been observed to inflating price to cover the cost of services (Smart Company, 2019). A change in regulatory framework will scrutinize business cost and impact the lending capabilities.

Environmental factors – Open pay in its initial stage has not reflected its environmental objective and business practice descriptively. All jurisdiction consider environmental law as the carbon emission and digital payment will reduce the environmental impact of the plastic cards. Open pay encourages platform diversity and unified alliance in industry viability in environmental action (Open Pay, 2019). The adaptive environmental policy need to be established to align with industry norms and environmental conservation to avoid penalty.

Reference for Open Pay External Analysis

 Open Pay. (2019). Open Pay group prospectus. Open pay group ltd

PwC. (2020). Future of payment. Retrieved from https://www.pwc.com.au/pdf/pwc_future-of-payments.pdf

Smart Company. (2020). A legal loophole: How after pay and other buy-now-pay-later providers skirt consumer laws. Retrieved from https://www.smartcompany.com.au/industries/retail/legal-loophole-afterpay/

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