The buy now, pay later hype train is showing no signs of slowing down, with Afterpay now simplifying their offline services by launching a digital Afterpay card.
Activated in-app and processed through the user’s smartphone wallet, customers can now make purchases in-store by tapping their phone on the card reader at checkout – just as they would with a regular credit card.
The feature is available for both Apple Pay or Google Pay and still allows the customer to pay for their in-store purchases in four instalments, without the need to take out a traditional loan or pay upfront fees or interest.
The opportunity for people to use Afterpay offline isn’t a new one – an in-app barcode solution was introduced in 2016, and in-store payments currently account for 22% of Afterpay’s overall GMV in ANZ.
But Co-CEO and Co-Founder of Afterpay, Nick Molnar, emphasised the evolution of this growing demand.
“The new Afterpay virtual card, is making it even easier for millions of our Australian customers to split their in-store payments in four instalments without incurring interest – ever.
“There is enormous opportunity to reach a new customer, who out of habit or preference, opts to shop in-store, to easily and seamlessly utilise Afterpay at the point of checkout.”