Snynet Solution Logo
MON - SUN: 10 AM - 6 PM
+60 11 5624 8319


Square snaps up buy now, pay later service Afterpay

Image Description

Payments giant Square could be set to offer more flexible payment options after it revealed a deal to acquire Afterpay, the Australian company that specializes in buy now, pay later services.

In an update, Jack Dorsey, Square CEO highlighted how the $29bn deal would mean the companies could use the combined power of Square’s CashApp and Seller ecosystem to offer better services for merchants and consumers alike.

The purchase will further boost Square’s investment in the financial sector, and wider overall expansion, having recently also unveiled plans for a Bitcoin business unit along with recently purchasing a majority stake in streaming service Tidal.

Buy now, pay later services are proving incredibly popular with consumers thanks to the ability to spread payments for products over a period of time via installments. 

The growing appeal of the services has spawned several key players, including Klarna and Affirm alongside Afterpay. Even Apple has plans to enter the buy now, pay later marketplace and is rumoured to be working on its own Apple Pay Later service.

Buy now, pay later

The acquisition will also give Square access to over 16 million of Afterpay’s customers as well as a network of merchants that numbers almost 100,000. Square expects to complete the purchase of Afterpay during the first quarter of 2022 in a move that will see an Afterpay director added to the board of Square. 

“Square and Afterpay have a shared purpose. 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,” said Dorsey. “Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.”


02 Aug 2021



Other Blog

  • “Can gaming chairs be used as office chairs?” – and 5 other vital questions about office chairs

    Including whether those expensive ergonomic office chairs are really worth the money.

    Read More
  • US storage heavyweights face inquiry over fraternization with Huawei

    Seagate, Western Digital and Toshiba US asked to answer series of questions surrounding trade with Huawei.

    Read More
  • Western Digital launches WD_BLACK gaming series NVMe SSDs in India

    Western Digital launches WD_BLACK SN850 NVMe SSD,WD_BLACK AN1500 NVMe SSD Add-in-Card, WD_BLACK P10, P10 for Xbox and P50 SSDs in India.

    Read More
  • How to combat cyber-attackers

    The volume of cyber-attacks has increased during the pandemic. But it's the same methods being used. Here's how you can combat them.

    Read More

Find Out More About Us

Want to hire best people for your project? Look no further you came to the right place!

Contact Us