Afterpay launches new monthly payment solution for US consumers

‘Buy Now, Pay Later’ provider Afterpay has announced the launch of a monthly payment solution for its US-based consumers, with plans to extend the offer further afield in 2023.

Consumers who select the new option will be able to budget their money over a six or 12 month period for purchases between 400 dollars and 4,000 dollars.

Merchants in the region will also now be able to offer Afterpay for more items without paying additional transaction fees or integration costs.

The feature will initially be available to online customers, but is expected to extend into in-person purchases in 2023.

In the same year, the company said it is also planning to offer merchants outside the US the same feature.

“Our new offering is a natural extension of the Afterpay experience – giving customers a new way to take more control and have more choice in the way they pay,” said Lee Hatton, head of Cash App Asia Pacific, in a release.

Hatton continued: “We look forward to supporting customers with yet another smart budgeting tool.”

The monthly payment option has been launched in partnership with First Electronic Bank.