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Banks’ delicate dance with buy now, pay later sector

Afterpay says its partnership with Westpac shows its willingness to partner. But the group also knows how unique its huge customer base is – and that should worry the banks.

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Simon Cant, the co-founder of Westpac-backed venture capital firm Reinventure, says it’s a matter of when, not if, a fintech poses a serious threat to Australia’s big four banks.

And Afterpay could be just the sort of company to do it.

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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com

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    Original URL: https://www.afr.com/chanticleer/banks-delicate-dance-with-buy-now-pay-later-sector-20210330-p57fcv