Payment Major Square Acquired Afterpay for Postpaid Payments
On August 1, US payment major Square announced the acquisition of Australian postpaid payment Afterpay. Afterpay is a pioneer in the field of BNPL (buy now, pay later) payments worldwide, and currently has more than 16 million users and has been introduced by more than 100,000 distributors. The use of postpaid payments is growing worldwide. Particularly it is being used by young people such as those who do not have a credit card, or those of the Gen Z. It is a postpaid payment originally offered online. Due to its high convenience, the number of consumers who want to use it in physical stores is increasing in recent years. Square will enable the use of postpaid payment services even in physical stores by promoting integration with its own app.
Sources: The Company's Blog "Square, Inc. Announces Plans to Acquire Afterpay, Strengthening and Enabling Further Integration Between its Seller and Cash App Ecosystems"（August 1, 2021）
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