Afterpay is closing the financial application and terminating the Westpac partnership
Buy Now, Pay Later company based in Australia post payment has decided to cancel the personal finance application Money by Afterpay and thus terminate its cooperation with Westpac Banking Corp.
Follow Afterpay’s move $29 billion by Jack Dorsey’s Block earlier this year, which involved integrating Afterpay’s products into its new owner’s ecosystem. As such, the Australian company decided to shut down the personal finance app it was running with Westpac.
The collaboration between the two entities ended less than two years after it began and, according to reuters.com, leaves Westpac struggling to connect with younger customers who gravitate toward smartphone-friendly and less regulated financial products.
Afterpay officials revealed that the company will stop logging new users into the Money by Afterpay app immediately and permanently shut down the service on October 10, 2022.
A word about the personal finance mobile application
According to a report from factmr.comThe main goal of personal finance apps is to help track spending behavior and provide personalized advice that can help individuals manage their upcoming financial needs.
Moreover, by helping users manage their income, bills, investments, and spending, personal finance apps can help with financial discipline and diligence. According to the same source, mobile and internet users are on the rise globally, a trend that is allowing personal finance apps to gain more and more traction.
In this context, while Afterpay shuts down one personal finance app, the move makes room for Jack Dorsey’s Block to reach a broader audience through the Cash App financial platform, which allows people to send money to each other in Australia.
Westpac expanded its services in 2022
In July 2022, Westpac took steps towards becoming the first digital bank by introducing Digital mortgage Where clients can get unconditional approval in less than ten minutes. The bank also introduced new features in the Westpac app and defined a digital branch strategy to help customers bank anywhere, anytime.
In the same month, Westpac Banking Group She extended her credit card insurance For travelers abroad to cover epidemics and epidemics such as COVID-19. This new banking policy allows eligible Westpac credit card customers to take advantage of additional pandemic and pandemic coverage at no additional cost if they are diagnosed with COVID-19. Insurance includes emergency medical assistance abroad and medical evacuation.
Recent developments from Afterpay
In August 2022, Afterpay released a series of Limited edition non-fungible tokens (NFTs) for New York Fashion Week, inspired by the Spring/Summer ’23 collections from designers such as AnOnlyChild, Jonathan Simkhai, The Blonds, and Joseph Altuzarra. NFTs cost $100 each and are accompanied by physical goods such as a special edition leather briefcase, after-party invitations, and original runway graphics.
In May 2022, postpaid Partnership with financial technology platform Adyen To process payments across key markets including Australia, New Zealand, Canada, Europe, US and UK to support the company’s global growth and momentum.
Adyen and Afterpay started their local payment method partnership in 2018, and many Adyen merchants offer Afterpay installment payments. These include MandM Direct, Revolution Beauty, and Superdry.
For more information about Afterpay, please review the company profile at Paypers Company Database.