Afterpay, a payments firm acquired by Jack Dorsey’s Block Inc, has rolled back its Money app, and ditched an alliance with Australia’s Westpac Banking Corp, reported Reuters citing the companies.

With younger customers opting for smartphone-friendly and financial products with minimal regulations, the latest move is expected to dent opportunities for Westpac to tap this specific category of population. 

The buy-now-pay-later (BNPL) platform was bought by Block for $29bn. Following this, Afterpay unveiled plans to integrate its products with Block’s “ecosystem”.

This also comes close on the heels of Block’s plan to promote its Cash App service in Australia. 

The service, already in operation in the US and UK, enables users to transfer money to each other.

Block earns profit through Cash App by collecting fees from the users sending each other Bitcoin.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Afterpay would stop registering new users on its Money app immediately and shut its operations on 10 October, reported the news agency citing a company spokesperson.

Money by Afterpay head Lee Hatton said: “Our decision to move in this new direction is due to our exciting next chapter with Block, particularly as we think about Cash App opportunities here in Australia.”

Meanwhile, a Westpac spokesperson said: “The bank is proud of being first to market in Australia with our digital banking as a service business, and the work we’ve done with the Money by Afterpay team.”

In October 2020, Afterpay announced collaboration with Westpac to offer savings accounts to its Australian customers.