Afterpay Plus will make buy now, pay later more ubiquitous, says Nick Molnar, in his first public comments on the growth strategy in Australia post-acquisition.
Already a subscriber?US fintech Block has backtracked on plans to launch Cash App in Australia, and Nick Molnar says it will instead expand features inside the Afterpay app, including allowing users to “pay in four” when they spend at any retailer, under a new subscription service.
But Mr Molnar wants it to be an option for all spending. “Afterpay Plus” was launched last year and allows a loan to be created at any retailer that accepts Mastercard. Instead of earning a fee directly from the merchant, Afterpay takes a monthly fee from customers – $10 per month – and an “interchange fee” on transactions from issuing the digital Mastercard.
He was coy about what Cash App features could be added to Afterpay in Australia beyond the Plus card. In the US, Cash App offers deposit products, longer-term loans, stock trading and bitcoin trading. Before the deal,, but this ended after the sale to Block, when the bank fretted about competition from the other part of that company, Square payment terminals.
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