The accounts will be available from 2021 and will help give the Afterpay greater insight into its customers’ financial habits, as the company says. The announcement sent Afterpay’s shares up 6%. For Westpac, the venture marks a push into fintech and will help it target younger customers.
Afterpay will be Westpac’s first digital banking platform customer, and the company will also offer budgeting tools and other services over time. The partnership goes live in the second quarter of 2021.
While Afterpay currently does not conduct credit checks on its customers, it says the tie-up opens the door to new revenue streams and could be adopted globally.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.