Buy-now-pay-later services are very hot in the pandemic era and Square wants in.
Afterpay allows you to buy a product online or in-store and pay for it in four installments.
One quarter is paid upfront, with subsequent quarters being paid every two weeks.
PayPal jumped on the bandwagon last Septemberwith its Pay in 4 feature.
CB Insights, a research firm,expects the sector to grow between 10- and 15-times by 2025.
“Square and Afterpay have a shared purpose,” Dorsey said in a statement.
The new business will help developers design decentralized financial products.
Square’s purchase will allow it greater exposure to Australia,the company’s second biggest market.
Afterpay has 16 million users worldwide, with over 100,000 merchants signed up to its service.
