Borrow
Block announces first integration with Afterpay
Block’s acquisition of Australia’s buy now, pay later platform has been completed.
Block announces first integration with Afterpay
Block’s acquisition of Australia’s buy now, pay later platform has been completed.
Block, formerly Square, announced the launch of its first integration with Afterpay on Tuesday (1 February), providing BNPL functionality to sellers using Square Online for e-commerce in the United States and Australia, following the successful completion of the scheme of arrangement on Monday, under which Block has acquired all of the issued shares in Afterpay.
“We’re excited to welcome the Afterpay team to Block and are eager to get to work,” said Jack Dorsey, Block co-founder and chief executive said on Monday.
“Together, we’ll deliver even better products and services for sellers and consumers while staying true to our shared purpose of making the financial system more fair and accessible to everyone.”
Block’s first integration with Afterpay under a new omnichannel commerce tool is expected to help sellers attract new shoppers and drive incremental revenue from day one.
“In joining with Square, Afterpay can now more meaningfully give small and midsize sellers the tools to attract young, engaged shoppers who prefer Afterpay and help these sellers compete alongside businesses of all sizes,” said Nick Molnar, Afterpay co-founder and now Afterpay lead at Square.
“And this is just the beginning. As part of Square’s powerful ecosystem, we look forward to continuing to more deeply integrate the Afterpay platform to unlock even more value for sellers across the world in the coming weeks and months.”
Nearly 56 per cent of American consumers have used a BNPL service, and the fastest-growing consumer segments, Gen-Z and Millennials, comprise 75 per cent of BNPL users. According to Square, its sellers can now serve this growing consumer demand, including in markets like Australia, which is Square’s largest market after the US.
RELATED ARTICLES
About the author
About the author
Credit card
Credit card use hits record high as Australians spend smarter
Active credit card use in Australia has reached a historic high of 82 per cent, with 9.4 million active personal accounts now in circulation, according to new data from Money.com.au. Read more
Credit card
Top strategies for improving your credit score in 6 months
Maintaining a healthy credit score is essential for financial wellbeing, especially in Australia where credit scores significantly influence loan and credit card approvals. Read more
Credit card
Afterpay v Zip: Which is better value?
The two biggest brands in BNPL may have more in common than you think. Read more
Credit card
BNPL to boom amid seasonal spending
There’s never been a better time to buy now, pay later than the holiday season. Read more
Credit card
Experts say BNPL data underutilised by credit sector
BNPL took off among Australian consumers so fast that credit bureaus are still trying to catch up. Read more
Credit card
Calls for online gambling ban intensify
A parliamentary committee has backed calls for a new ban on credit card gambling. Read more
Credit card
Afterpay looks to find foothold in subscriptions
Afterpay will let customers break their monthly bills into instalments from early next year. Read more
Credit card
Credit cards slip 4%, but BNPL isn’t the culprit
Traditional credit cards have continued to decline in popularity over the course of the pandemic. Read more
Credit card
Credit card use hits record high as Australians spend smarter
Active credit card use in Australia has reached a historic high of 82 per cent, with 9.4 million active personal accounts now in circulation, according to new data from Money.com.au. Read more
Credit card
Top strategies for improving your credit score in 6 months
Maintaining a healthy credit score is essential for financial wellbeing, especially in Australia where credit scores significantly influence loan and credit card approvals. Read more
Credit card
Afterpay v Zip: Which is better value?
The two biggest brands in BNPL may have more in common than you think. Read more
Credit card
BNPL to boom amid seasonal spending
There’s never been a better time to buy now, pay later than the holiday season. Read more
Credit card
Experts say BNPL data underutilised by credit sector
BNPL took off among Australian consumers so fast that credit bureaus are still trying to catch up. Read more
Credit card
Calls for online gambling ban intensify
A parliamentary committee has backed calls for a new ban on credit card gambling. Read more
Credit card
Afterpay looks to find foothold in subscriptions
Afterpay will let customers break their monthly bills into instalments from early next year. Read more
Credit card
Credit cards slip 4%, but BNPL isn’t the culprit
Traditional credit cards have continued to decline in popularity over the course of the pandemic. Read more
