Jack Dorsey's Square agreed to buy Afterpay, which has a 'buy now, pay later' service, for $29 billion in stock
Square, which is owned by Twitter CEO Jack Dorsey, said that Afterpay's buy now, pay later service would be used with its Seller and Cash app products.A battle is brewing in the buy now, pay later space between Affirm, Klarna, and Afterpay and big players like Apple and PayPal
Afterpay allows consumers to make a purchase in four payments that are to be paid every two weeks. The user pays 25% upfront and can take the product home immediately. The follow-up payments are automatically charged and the user pays a fee if they are unable to make a payment, in which case their account is locked until their balance is paid off.
"Square and Afterpay have a shared purpose," Dorsey, Square's CEO, said in a statement."We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles."aimed at helping bitcoin developers create financial services products.Subscribe to push notifications
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