In 2015, Afterpay founder, Nick Molnar, identified a shift in payment behaviour amongst Millennial shoppers and a preference towards debit cards and aversion of credit. Nick was motivated to create Afterpay to cater to this generational shift by offering customers an alternative to credit.
Afterpay’s model is simple; it charges retailers to offer customers interest-free instalment plans by splitting a purchase amount over 4 manageable fortnightly instalments, available both online and in-store. The service is free to customers who pay on time, with no interest and no contracts.
Responsible spending has been built into Afterpay’s DNA – these rules help users which means Afterpay won’t let customers revolve into debt, no exceptions.
Customers can’t use Afterpay until they pay each instalment. This is what makes Afterpay different. Approved spending limits are largely determined by customers’ repayment history. For those who have only recently joined Afterpay, spending limits will generally be smaller.
Today Afterpay has millions of customers globally. Our focus continues to be supporting our community of responsible spenders because this is good for the retailers that pay us and good for our community of Afterpay customers who tell us they love Afterpay because it helps them plan and budget.
Pay for your purchases over four simple instalments
Pay for your purchase over four equal instalments, due every two weeks. Afterpay makes it simple to pay when it suits you best.
Pay nothing extra when you pay on time
If you make repayments on time, you’ll only ever pay the price of the item you’ve purchased. The only fees Afterpay charges are late fees for missed payments.
No new card applications, instant approval online
Forget about long, complicated application forms. Afterpay’s proprietary platform makes it quick and easy to get approved instantly and keep shopping.