The buy now, pay later service will roll out in shops at the end of October 2021, three years after it was first offered for online purchases in September 2018. Afterpay allows customers to purchase an item and split the bill into four fortnightly instalments that are interest-free, provided they’re paid on time.
The company makes just under 10% of its revenue through late fees, with USD 10 charged for payments not processed before the due date followed by a further USD 7 if the sum remains unpaid a week afterwards, according to data put forth by Afterpay in the press release.
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