Block, IncSQ owned “Buy Now, Pay Later” unit Afterpay launched a new payment solution just ahead of the busy holiday shopping season.
The payment solution offers consumers even more choice, flexibility, and time to pay, with transparent terms to support responsible spending.
Consumers who select Afterpay’s monthly payment option can budget their money over a six or twelve-month period for purchases between $400 and $4,000 with consumer-friendly payment terms.
The payment solution eliminated late fees and compounding interest with a cap on total interest owed with a clear view of the amount due at the time of purchase.
Starting today, consumers can use Afterpay’s monthly payment option at U.S. merchant websites. The company plans to extend the offering to merchants outside the U.S. in 2023.
Since 2020, U.S. consumer spending on BNPL has increased 660%, beating debit card and credit card spending growth by a significant margin.
In September, Block launched Tap to Pay on Apple Inc AAPL iPhone to its millions of sellers across the U.S.
Available within the Square Point of Sale iOS app, Tap to Pay on iPhone lets sellers of all sizes accept contactless payments directly from their iPhone without additional hardware and cost to the seller.
Price Action: SQ shares traded lower by 3.77% at $60.06 on the last check Wednesday.
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