Fintech is heating up in Australia with Afterpay, the ASX100’s best-performing stock in 2021, that allows customers to ‘buy now, pay later’ has introduced its new banking app in partnership with an Australian bank, Westpac. Afterpay claimed that this decision was made in order to help people keep in contact with their money, provide them with more financial freedom to manage to spend and make it easier for customers to get back into good credit standing when they need it.
Afterpay’s launch of this new product feature includes “Manage your money” using a secure mobile banking app that’s available on both iOS and Android platforms, with no hidden costs to make payments. Users can also make and track repayments any time of day, or adjust regular payment dates.
To date, Afterpay charges users no setup or entry fees for using the app. According to the company’s website, all payment processing is done by Afterpay itself, rather than by banks. However, in order to encourage customers to continue making payments by Afterpay – and use its app for the greater good of Australian consumers – the company has been considering the idea of introducing banking services.
This change would allow customers to open a bank account with Afterpay that would enable them to make payments and withdraw cash conveniently through ATMs and EFTPOS terminals around Australia. Something that would put them in direct competition with the big Australian banks.
Customers who are familiar with the stock market darling Afterpay could have seen this coming from a mile away, as Afterpay has been working to develop its own banking app for quite some time now. However, it’s worth noting that the company has not yet decided if it will continue expanding its services in the future.
It seems that Afterpay’s decision was made in order to compete with other fintech companies in Australia, while also providing customers with an easier way of managing their money through a secure mobile app that may be more advanced than traditional bank apps.
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