Money by Afterpay will close on October 10, saying Block, which bought the buy now, pay later company, may launch its Cash App in Australia.
Lee Hatton: Block is thinking about Cash App opportunities in Australia.But Afterpay will close the app – which was offered separately to the main buy now, pay later service – on October 10. It has stopped accepting new customers from Friday.There are no redundancies on the Afterpay side after the closure with the Money team shifting to Block, which sees value in the intellectual property Afterpay Money has developed over the past two years.
Neither Afterpay nor Westpac has disclosed how many use Money by Afterpay, nor the dollar amount of deposits held. Afterpay declined to provide this information on Friday. “A change of ownership naturally sees partnerships evolve and we have been working co-operatively with Afterpay on this transition to ensure a smooth customer pathway,” said Westpac BaaS CEO Damien MacRae.
Cash App allows US customers to invest in equities, buy bitcoin, file tax returns, hold deposits and spend. Afterpay’s buy now, pay later service and shopping directories are being integrated into the app.While Westpac was keen to support Afterpay, the Block acquisition changed this given Square competes aggressively with Westpac’s “merchant acquiring” operations, which provide payments services to retailers.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Afterpay to shut Westpac-backed banking appThe app will close in October, and Westpac said it would help customers move their funds to other banks. | Clancy Yeates Westpac Afterpay
Read more »
Pepper Money says rate rises hitting home loansNon-bank lender Pepper Money reports an increase in profit, but margin contraction on higher funding costs.
Read more »
Pepper Money says rate rises hitting home loansNon-bank lender Pepper Money reports an increase in profit, but margin contraction on higher funding costs.
Read more »
COVID cost Qantas more money in three years than was made in five years prior: JoyceQantas CEO Alan Joyce has addressed various issues the company has been struggling with as a result of the COVID-19 pandemic. “On a statutory basis, Qantas … has seen COVID cost us more money in the past three years than we made in the five years before that, including some record years of profitability,” he said during a media conference on Thursday. “That fact that we have been able to steer through it is really remarkable, and now that we are through it, things are improving even faster than we expected.”
Read more »
‘Bugger your freedom of choice’: Labor trying to ‘steal’ super money for ‘political ends’Labor wants to “control” how super money is invested and ensure it runs into their “green left policy areas” of social housing or green energy, says Sky News host Chris Kenny. “Bugger your retirement incomes,” he said. “Bugger your freedom of choice. “They want to steal your money for their political ends.”
Read more »
‘Selfish’ Djokovic slammed for desperate move ahead of US OpenUnvaccinated tennis superstar DjokerNole has been slammed as “selfish” for not yet withdrawing from the usopen. USOpen 7NEWS
Read more »