Afterpay is currently beta testing a new installment payment option linked to its Cash App service, allowing users to convert their Cash App Card purchases into a pay-in-four loan format for a fixed fee. This initiative marks a significant shift in the buy now, pay later (BNPL) landscape, as fintech companies seek to extend their services beyond traditional retail checkouts. With Cash App boasting 57 million active users, Afterpay aims to tap into the growing demand for flexible payment options among younger consumers, particularly Millennials and Gen Z, who are increasingly moving away from credit cards. The trend reflects a broader strategy among BNPL providers to integrate their services into various payment platforms, as seen with competitors like Affirm and Zip. As the BNPL market matures, Afterpay's integration with Cash App is expected to enhance user engagement and drive growth, catering to a demographic that prefers innovative financial solutions.
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