Afterpay introduces monthly service

Afterpay, the buy now pay later (BNPL) provider, is extending its services to give customers more time and flexibility to pay.

Customers using Afterpay’s monthly payment option can spread the price of purchases between $400 and $4,000 over a six or twelve month period without late fees. There is a cap on total interest charged and no compounding interest.

The BNPL provider claims the new service has transparent terms to support responsible spending ahead of the festive period.

The new service will be initially offered to existing customers shopping online and will be available for in store purchases in 2023.

“Our new offering is a natural extension of the Afterpay experience - giving customers a new way to take more control and have more choice in the way they pay,” said Lee Hatton, head of Cash App Asia Pacific. “We look forward to supporting customers with yet another smart budgeting tool.”

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