The Legal Framework of Deferred Payment Contracts via Electronic Applications and the Scope of Central Bank Supervision: A Comparative Study between Jordanian and French Legislation

This research examines and analyzes the legal framework governing deferred payment contracts via electronic applications and the extent of their subjection to central bank supervision, based on an objective comparative study between Jordanian and French legislation. The study concludes that "Buy Now, Pay Later" (BNPL) contracts represent an innovative, three-dimensional financing and contractual model that falls outside the scope of traditional sales contracts prescribed in the Jordanian Civil Code, falling instead within the realm of assignment of rights (assignment of debt), subrogation, and the digital consumer credit framework.Furthermore, the study highlights the varying levels of legislative response to the challenges arising from this model in cyberspace. While the Jordanian legal system relies on the general rules of contract theory to invalidate abusive clauses and counter contracts of adhesion, the French legislator has swiftly resolved the obligatory nature of these contracts by explicitly categorizing deferred payment under consumer credit, thereby subjecting it to central bank licensing and the strict requirements of absolute banking monopoly.The research also illustrates the effective procedural and regulatory tools, represented by the Financial Consumer Protection Department and the Regulatory Sandbox for FinTech innovations adopted in Jordan, contrasted with the stringent powers, mandatory prior creditworthiness assessments of beneficiaries established in France to mitigate the risks of over-indebtedness and financial default. The study recommends that the Jordanian legislator codify this digital credit model and subject it to a specialized regulatory framework to preserve monetary stability and provide a comprehensive protective environment for consumers.