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Afterpay Limited (abbreviated as Afterpay) is an Australian technology company and a buy now, pay later (BNPL) lender. [1] [2] Founded in 2014 by Nick Molnar and Anthony Eisen, it is now owned by Block, Inc. [3] As of 2023, Afterpay serves 24 million users, [3] [4] processes US$27.3 billion in annual payments, [5] and ranks among the three most-used BNPL services globally.
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No monthly or set-up fees are charged. The firm claims that its costs are, on average, lower than the costs charged by conventional credit card processors. [56] Swiped payments are deposited directly into a seller's bank account within 1-2 business days. In some instances, Square withholds payments pending issues related to chargebacks. [57]
The bank then teamed up with buy now, pay later company Afterpay, allowing users to link their app with Afterpay thus providing "smarter transaction viewing" as well as reminders on when their next payments were due. [8] Four months after their public launch, Up announced that it had 30,000 customers.
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Over the past few years, the buy now, pay later industry has taken the financing world by storm. Many consumers are familiar with Afterpay, an app that allows customers to purchase products online ...
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