후불결제(BNPL) 서비스의 구조적 특성과 공법적 대응 방향

This study examines Buy Now, Pay Later (BNPL) services not merely as credit-granting financial products, but as a new form of financial service enabled by digital technology, and explores the need for a corresponding public law response. BNPL services are seamlessly integrated into the checkout processes of e-commerce platforms, allowing users to access credit without complex procedures and often perceiving it simply as a convenient payment option. In particular, credit is extended through alternative credit scoring systems developed by non-financial companies, and the service architecture—characterized by UX-oriented interface design, algorithm-based credit assessment, and extensive data collection and utilization—exhibits structural features that distinguish it from traditional financial products. In South Korea, the legal foundation for BNPL services was established in 2023 through an amendment to the Electronic Financial Transactions Act, which allows prepaid electronic payment providers to offer BNPL as an ancillary business. Under the Act on the Protection of Financial Consumers, BNPL is classified as a credit-type product and is subject to the same regulatory framework applied to conventional financial services. This regulatory approach, based on the principle of “same function, same regulation,” represents a meaningful step toward ensuring regulatory consistency and fairness, while providing a foundational direction for governing emerging financial services in the digital era. However, due to the unique technological structure and operational characteristics of BNPL services, there is a need for a complementary regulatory framework that can adequately address these distinct risks. In particular, the opacity of algorithms, excessive data utilization, and repetitive marketing structures raise critical public law concerns regarding consumer protection and risk management in the digital financial environment. This paper highlights the need for a function- and risk-based regulatory framework that reflects the structural characteristics and legal challenges of BNPL services. It proposes key measures such as improving information delivery mechanisms tailored to digital environments, establishing effective oversight for data and algorithm use, and redefining the legal status of BNPL providers to enhance regulatory coherence. Ultimately, the paper seeks to offer a public law approach capable of ensuring more substantive consumer protection and robust risk management in technology-driven financial services such as BNPL.