Afterpay will pay a fee to Apple to allow its instalment payments to be made through the US tech giant's iPhone wallet, but the deal will reduce Afterpay's costs of rolling out to new merchants and help drive customer adoption.
Afterpay said on Wednesday it would turn on Apple Pay and Google Pay in select US retailers this month, while Australian customers would be able to use their phones to make tap-and-go instalment payments "in the coming months". Analysts said the deal would put further pressure on credit cards.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au