It’s the shiny new toy of credit,but the buy now,pay later industry profits when customers fail to pay on time.
The $39 billion takeover of Afterpay has passed a key hurdle,after shareholders in the acquiring company Square approved a plan to issue more stock for the deal.
Founded by two Australians,the European-based BNPL outfit is valued at close to $1 billion after closing a funding round.
The buy now,pay later darling says cryptocurrencies could wipe out a range of fees charged by banks and card schemes.
Afterpay has signalled it has long-term ambitions to distribute mortgages,as it also looks to expand the range of financial products offered to Australian consumers.
Markets don’t work in the simple,transparent,what-you-pay-is-what-you-get way assumed by economics textbooks.
Deep tech incubators say changes in policy and perception may be required to raise other tech segments to the profile of fintech.
Some Millennials may have to learn financial literacy the hard way.
Afterpay has had its fair share of doubters and true believers. Now the local market will need to get its head around Square,the payments behemoth started by Twitter billionaire Jack Dorsey,
On this episode of Please Explain,business editor John McDuling joins Tory Maguire to discuss how Afterpay became the subject of Australia’s largest ever corporate deal.
The Australian-made “buy now,pay later” app has surfed the wave of a huge change in the world of banking and online commerce. Consumers and regulators must take note.