Afterpay, eBay announce tie-up
The deal is Afterpay’s largest online partnership to date, and the company says demand is growing to use ‘buy now, pay later’ for everyday essentials.
Shoppers on online retail destination eBay can 'buy now, pay later' for the first time, thanks to a new deal with Afterpay.
The deal, announced Friday, marks Afterpay's largest online arrangement to date, with 40,000 Australian small and medium businesses now gaining access to the Afterpay platform.
Afterpay co-founder Nick Molnar got his start on eBay, through his online jewellery business Ice Jewellery, which is still run by his family on eBay today.
eBay Australia managing director Tim MacKinnon said that in recent weeks his company had experienced a surge in demand for retail categories such as technology and home office supply, as well as entertainment and fitness equipment as COVID-19 continues to keep people at home.
He said computer monitor sales are up 182 per cent, dumbbell sales are up 854 per cent while paint by numbers activities are up a whopping 3,746 per cent.
“As always, we urge customers to shop responsibly. Take time to compare items and only buy what you need and can ultimately afford. Look out for deals and if suited to your needs, Afterpay can be a great solution as a budgeting tool to make cost savings in the short term," Mr MacKinnon said.
Afterpay CEO and co-founder Anthony Eisen said the partnership with eBay was part of a response to growing customer demand for Afterpay to be made available for everyday essentials.
“The partnership between eBay and Afterpay comes at such a crucial time, where Australians are wanting more control over their budget and to avoid high interest debt traps. It's also just in time to help small businesses. Two in three Afterpay merchants believe it provides them access to new customers, so we are confident the tool will help small and medium businesses navigate these challenging headwinds," Mr Eisen said.
“Our partnership with eBay represents our largest online arrangement to date – Afterpay will be available on items from everyday essentials, to homewares, tech and even pre-owned items delivered to millions of customers.”
The Afterpay functionality is now live on eBay's website.
Afterpay's share price has recovered in recent days, dipping to below $9 late last month. It's now sitting at $20.15 per shar
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