The $160m group buying sector has gained formal industry recognition today with the release of a code of conduct specific to the industry.

Developed by the Australian Direct Marketing Association (ADMA) and the Australian Interactive Media Industry Association (AIMIA), the Australian Group Buying Code of Conduct will operate on a voluntary basis.

Founding group buying signatories include Cudo, Groupon, Jump On It, Living Social, Ouffer, Spreets, OurDeal and Scoopon.

Groupon Australia and New Zealand co-founder and CEO Patrick Schmidt said Groupon was pleased to see the industry taking "proactive steps" to protect steps to protect consumers and businesses.

"It signals a step for the group buying industry on the road to becoming a well established, much loved and well used channel that allows consumers and businesses to connect in a mutually beneficial way," he said.

Story courtest of B&T Today www.bandt.com.au