Boston, September 15, 2020 –Afterpay allows shoppers to make an immediate purchase and pay for it in four installments over a short period of time. If customers pay their installments on time, there is no interest charge and no fee required. Afterpay has helped to create a new category of lending that is a lower-cost alternative to credit cards while allowing consumers to spread the cost of a purchase over several weeks. Afterpay is offered by more than 55,400 retailers and is used by more than 9.9 million active customers.
Aite Group’s Impact Innovation Awards are designed to recognize and celebrate innovation achieved by organizations that leverage technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, or levels of automation and effectiveness that are bringing our industry one step closer to the next generation of financial services offerings. Other reports in this series feature Aite Group’s Impact Innovation Award in Digital Wallets for market adoption, merchant experience, product design, and value-added services.
Clients of Aite Group’s Retail Banking & Payments service can download this eight-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].