Competitor Profile: Afterpay
Afterpay is an Australia-based alternative payment solution that offers a buy-now, pay-later service enabling consumers to pay for their purchases across installments. Initially launched as an online payment solution, it is now available for in-store purchases at select retailers.
Founded in October 2014, it has since expanded into three new markets: New Zealand (in September 2017), the US (May 2018), and the UK (August 2018). With over 3.5 million customers and 25,000 merchants it is gradually becoming a key payment solution among people with limited access to traditional credit.
Afterpay expanded its services by launching cross-border payments in March 2019, thereby enabling local customers to buy products from international merchants. The feature is now offered in Australia and New Zealand, with plans to extend it to the US and the UK.
In July 2017, Afterpay merged with technology provider Touchcorp to form Afterpay Touch Group (ATG). Post-merger, Afterpay operates as the pay-later segment of the group, while Touchcorp operates as the pay-now segment of the group. Touchcorp offers payment technology solutions to companies operating across sectors including telecommunications, health, and convenience retail.
The report provides information and insights into Afterpay including -
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