I don't think it's good or bad that we have a lot more people engaging with buy now pay later. I think the failure is in our regulatory infrastructure. You could argue that buy now pay later is a really savvy competitor to the Visa-Mastercard duopoly, where front-loading somebody at zero interest with the ability to break something up into four payments is kind of great. We see this reflected in other policy areas, for example, a dental program we have that allows people to access dental care up front and pay it off in later instalments that are interest-free.
I don't want to discount financial literacy being an element here, but, again, when it's not reflected, when we haven't decided whether we see this as a credit product or a loan product, for young people, buy now pay later could be a vehicle to build credit outside of a credit card in the way we've seen that ability through incredible Canadian fintechs like Borrowell, which allows people to use paying their rent on time as a vehicle towards credit.
I'm more saying that often we talk about sovereignty as a deficit, something that we don't have or we don't do, but if you think of just keeping it in line with young people, like doing a quiz in a magazine, can you govern the markets you have, yes or no? Often we're talking about it on the no side, but on the yes side, the quiz isn't over. The next question is: Are you? I think with buy now pay later, there's a yes-no there. Right now we're on the no side. We need to get to the yes side, because young people, like all Canadians, expect our legislation to reflect the reality they live every day, and right now it doesn't.