Afterpay

Afterpay is a service that allows consumers to buy goods immediately and pay for them over time in interest-free installments, typically every two weeks. It functions as a digital layaway option integrated into online and in-store shopping, making purchasing more flexible without upfront full payment. The platform assesses the buyer’s eligibility based on certain criteria and then automatically deducts payments from their linked bank account or card. For merchants, Afterpay can boost sales by attracting customers who prefer dividing payments, while shoppers benefit from spreading costs without incurring interest, provided installments are paid on schedule.