Afterpay mega-deal puts spotlight on ‘buy now, pay later’ platforms

The seven-year-old Sydney-based Afterpay app – which allows users to pay off smaller purchases in regular installments – is aimed at millennials who embrace a cashless lifestyle. — Bloomberg

PARIS: The US$29bil (RM122.43bil) takeover of Australia’s “buy now, pay later” app Afterpay by US firm Square has thrown a spotlight on a sector that is growing rapidly and grabbing the attention of regulators.

The seven-year-old Sydney-based app – which allows users to pay off smaller purchases in regular installments – is aimed at millennials who embrace a cashless lifestyle.