Emerging fintech star Afterpay lands major contract with Myer
Afterpay, the “take now, pay later” platform that’s quickly forming partnerships with some of Australia’s biggest retailers, has secured a two-year contract with Myer.
The publicly-listed payment platform, which lets shoppers receive products immediately from participating retailers and then pay Afterpay for their purchases through a number of instalments, announced to the Australian Securities Exchange yesterday that it had entered into a two-year agreement with the department store to allow shoppers to use the platform when shopping online at Myer from May.
Afterpay managing director Nick Molnar told SmartCompany this morning the deal is another step in the company’s quest to dominate the Australian retail market.
“I think with a department store like Myer, from a millennial shopper perspective [the deal is] exciting, but it extends us out as well, over to baby boomer customers,” Molnar says.
“It’s a really attractive opportunity for us as we’re focused on expanding out across Australian retail.”
Meanwhile, Myer said the partnership is an opportunity make it easier for its customers to shop online.
“We want to make it simple and easy for our customers to shop with us and partnering with Afterpay will give our customers more ways to purchase their favourite items online,” the company’s chief digital and data officer Mark Cripsey said in a statement provided to SmartCompany this morning.
The partnership comes off the back of months of customers begging Myer, as well as other discount department stores and retailers including Kmart, Big W and Target, to start using the platform. In 2016, the hashtag #afterpayit took off on Facebook, with shoppers posting to the pages of Australian retailers, asking that they integrate the platform.
Molnar told SmartCompany at the time that customer enthusiasm was helping to build a stronger base of brands.
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