Afterpay Touch Group
(ASX:APT) has responded to reports claiming payday lenders, debt management firms and buy now pay later platforms will be the subject of a new senate Inquiry.
Shares in Afterpay dropped almost 19 per cent in late trade on Wednesday after the reports began to surface.
The buy now pay later company says it welcomes the opportunity to participate in any review and says its customer centric service is highly differentiated from other operators.
Afterpay says it has a unique model in that the company provides a free service to customers if payments are made on time
The business says the overwhelming majority of customers pay on time and have never incurred a late fee.
Shares in Afterpay Touch
(ASX:APT) are trading 13.48 per cent higher to $12.88
