This announcement details the transition for existing users of a specific buy now, pay later service in Australia. From 10 June 2025, the old product is being retired and replaced with a new, regulated credit product. Existing customers will need to apply for the new service to make further purchases.

• Product Transition: The previous BNPL product is being renamed to 'humm Classic' and will be closed to new purchases. Users must manage and pay off existing balances through the old platform.
• New Credit Product: The replacement is a regulated credit product, requiring a new application and credit assessment. It offers significantly higher credit limits of up to $50,000 and longer repayment terms of up to 120 months.
• Application Process: To use the new service, customers must download a new app and submit a fresh application, either directly or through a participating merchant. A pre-approval option is available.
• Repayment Management: Repayments for the new product are automated, deducted from a nominated bank account or debit card on a fortnightly or monthly schedule. A new app provides visibility into the repayment schedule.
• Merchant Network: The new product is available at a network of partner merchants, though the network is initially limited and expanding.