Usually, people pay immediately after purchasing the goods. But Australian startup 'Afterpay' offers the facility of 'Buy Now and Pay Later'. Due to this speciality, it became so famous that crores of people started using it. The special thing is that the startup, which started 7 years ago, has now been sold for $ 29 billion (about 2 lakh 15 thousand crores). It has been bought by Twitter CEO Jack Dorsey's company 'Square'. It is being said that this deal to buy 'Afterpay' is so big, as big as it has not been seen in Australia till date.
The startup allows consumers to make even small purchases in regular installments. It is like a credit card. But there is no interest and no joining fee to pay in installments. The spending limit is kept low. However, those who do not make the prescribed payment have to pay a late fee. After, Pay was founded in 2014 by Anthony Eisen and Nick Molnar, both based in Australia.
Molnar used to sell jewelery on the Internet before starting After Pay. His neighbours used to work in Aisen Finance. When the two joined hands, 'Afterpay' was born in Molnar's house itself. The objective of both behind making this was to attract people following a cashless lifestyle.
After, Pay became most popular among the youth. Apart from Australia, it is now also present in the US, Canada, UK, France and Italy. It has more than 16 million users in the world and about one lakh sellers use it. According to Bloomberg, the company charges consumers 25% of the goods they buy. But there is a limit of $68 (3723) per order. Most of the company's earnings come from sellers through transaction fees.
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