Cash App Partners With Afterpay To Launch Buy Now, Pay Later Services
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Cash App has partnered with Afterpay to introduce buy now, pay later services for online shoppers. As part of this collaboration, it has launched a unified brand, Cash App Afterpay, along with a new logo for checkout.
Shoppers can first divide payments into four smaller parts, making purchases more manageable. Later, they will have the option to pay in monthly amounts, giving them more flexibility. This approach allows customers to choose a payment plan that fits their needs while keeping spending under control and avoiding traditional credit methods.
Cash App Expands Pay-Later Options To Attract More Shoppers
Nick Molnar, a leader at Block and one of the Afterpay founders, says Cash App has many users, so shops will have more buyers, and customers will get easier ways to pay without old-style banking. He believes this initiative will accelerate Cash App’s growth and enhance adoption of its payment services nationwide.
The parent company of Cash App, Block, acquired Afterpay in a high-value transaction prior to the market downturn. Now, Klarna, another big name in this area, is set to be worth a much smaller amount when it sells shares soon.
According to new research, pay-later plans are gaining traction among financially stable consumers. The study shows that 18% of consumers not living paycheck to paycheck use these plans mainly for convenience, while 15% also aim to earn rewards.
According to report, the need for easy, budget-friendly ways to pay is shaping how people approach both big and small purchases.
Many consumers, regardless of their income, are turning to installment plans to manage their spending and protect their savings. They see these plans as a helpful tool for budgeting without giving up immediate needs.
Cash App And Afterpay Strengthen Digital Wallet And BNPL Services
In other news, Klarna, a major player in the BNPL space, announced it is partnering with Walmart to offer pay-later options through Walmart’s OnePay service.
Cash App, once known as Square Cash, is a digital wallet for people in the U.S. Made by Block, Inc., it lets users send, receive, and save money, use a debit card, invest in stocks or bitcoin, take out personal loans, and handle tax filings. The app has millions of users and handles a very large amount of money every year.
Square Cash was initially launched as a peer-to-peer payment platform. Over time, it added more features like debit cards, tax services, investing, savings, and loans, eventually becoming Cash App. Today, it is mainly used as a mobile wallet and is a top choice for lower-income adults in the U.S.
