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EXCLUSIVE 

A new Afterpay feature has been introduced that allows shoppers to limit their spending on the popular platform.

Customers can now select the 'Spend Cap' feature to ensure they stay within their budget by selecting how much they are comfortable spending. 

The handy feature needs to be below a shopper's approved limit, but must be above $100. 

Once customers select the amount of money they don't want to exceed, the spending cap is immediately applied.

The feature, which is in time for both Christmas and Black Friday sales, is the latest feature to be added to Afterpay to help customers stay in control of their finances.

Other features include Preferred Payment Day and No Payment Upfront.

Preferred Payment Day allows customers to choose the day their payment is debited from their account, such as their payday, which can help avoid late fees.

The No Payment Upfront feature is available to approved shoppers and allows them to purchase items under $500 with no upfront payment.

The new Afterpay feature allows Aussie shoppers to set a limit to their spending so they don't exceed their budget - which will be handy for Christmas shopping (pictured a customer using Afterpay in store)

Rescheduled payments and paying early are also an option for shoppers who need an extra week without incurring late fees.

Afterpay executive vice president and ANZ country manager Katrina Konstas told Daily Mail Australia the new features show the 'dedication' the buy now, pay later (BNPL) platform has to its customers' 'choice and flexibility'. 

'We prioritise the financial wellbeing of our customers and are committed to providing tools that support economic access and empowerment,' she said.

'Our new Spend Cap feature is a testament to our mission of promoting responsible spending, ensuring our customers can enjoy the benefits of BNPL with confidence and peace of mind.'

It is hoped the Spend Cap feature will promote responsible spending habits and give shoppers a sense of control.

Ms Konstas explained Aussies who start doing their Christmas shopping now on the platform will finish their repayments by Christmas or Boxing Day - meaning they can avoid a debt hangover in the new year. 

Afterpay is widely available across Australia and recently announced they have teamed up with IKEA so Aussies can budget furniture purchases in-store or online. 

The Spend Cap feature was announced in September to help promote responsible spending habits.

Despite the high cost of living pressure, 59 per cent of Aussies still intend to spend the same day payday loans; https://cwit.edu.sa/, amount or more this Christmas compared to last year.

But the Australian government is set to crack down on buy now, pay later services, with proposed new laws being introduced in parliament.

The government says BNPL providers have not been adequately regulated by Australian consumer credit laws, meaning the businesses are not subject to affordability checks like those required to get credit cards or loans.

ANZ