ASIC orders interim stop order on Humm’s BNPL service

The buy now, pay later arm of payment company Humm has been hit by an interim stop order from the financial regulator, which will limit new customers from accessing the product.

In a statement to the Australian Securities Exchange, Humm said the Australian Securities and Investments Commission would prevent it from accruing new customers to its BNPL service, after the regulator flagged it was concerned about the “target market determination” of the products.