Buy now, pay later may now be a little easier with Cash App, Afterpay merger
Afterpay officially has a new name.
The “buy now, pay later” platform merged with the mobile banking application Cash App to debut a new brand: Cash App Afterpay.
“The scale of Cash App’s 57 million monthly actives means our merchant partners benefit from a larger network of customers, and eligible customers gain greater access to simple, fair, and accessible payment options outside of traditional systems,” said Nick Molnar, Global Head of Sales at Block and Co-founder of Afterpay, in a press release. “We believe that Cash App Afterpay will not only be an accelerant to Cash App growth, but also an accelerant in the growing preference towards BNPL options in the United States.”
When shopping online with participating merchants, customers can select $Afterpay as an option at checkout to pay over time for their purchases.
The Cash App Afterpay merger is the second large-scale change to a financial app in the last two months.
In April, digital payment platform Zelle shuttered a feature that allowed users to send and receive money using its mobile app.
Now, Zelle is only available through banks and credit unions that offer the service through its website or mobile app, according to a description on the company’s website.