Business & Investment

Square buys Australian afterpay on $ 29 billion transaction

Sydney — Square Inc. has agreed to trade all shares worth approximately $ 29 billion to acquire Afterpay Ltd. of Australia. This is an installment company that positions the service as a cheaper and more responsible alternative to credit cards.


He said he plans to integrate afterpay

Pay later services at checkout to sellers and cash app business units that allow more retailers to offer so-called “buy now”.

Before: Buy Now and Pay Later: Afterpay, Klarna, Affirm, and Rivals Want to Dominate the United States

Afterpay technology allows users to receive goods immediately and pay for them in four interest-free installments. The customer pays only if he misses the automatic payment. This is a breach of locking your account until your balance is repaid. Afterpay states that this limits non-performing loans. This is especially true in a recession where employment stability is unstable and households are growing.

Most of the afterpay revenue comes from retailers, who pay a fixed percentage of the value of each order from a customer plus a fixed fee. The company is expanding nationwide through transactions with retailers such as Anthropologie and Free People.

“Square and Afterpay have a common purpose,” said Jack Dorsey, Square’s CEO. “We built our business to make our financial system fairer, more accessible and more comprehensive. Afterpay has built a credible brand that follows these principles.”

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Square buys Australian afterpay on $ 29 billion transaction Square buys Australian afterpay on $ 29 billion transaction

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