Afterpay lets US consumers pay by instalments with their NFC mobile phone

Afterpay app for NFC payments in instalments
INSTALMENTS: US shoppers will be able to use the Afterpay app to make NFC payments in-store and then pay later

Australia-based buy now, pay later specialist Afterpay is launching a service that lets US consumers make NFC payments in stores — and then pay for their purchases in four equal instalments.

To use the service, consumers apply in advance for an Afterpay card that they can then add to their Apple Wallet to make payments with Apple Pay.

The company is also adding support for Google Pay, chief product officer David Katz told PaymentsSource.

“Similar to using Afterpay online, customers in the US will be able to pay securely and simply for their in-store purchases in four instalment payments, without the need to take out a traditional loan or pay upfront fees or interest,” the company says.

“The service is completely free for consumers who pay on time. Customers can initiate a purchase by simply tapping the ‘card’ icon in the Afterpay app, which activates the Afterpay card in the Apple Wallet.”

“Forever21, Fresh, Skechers and Solstice Sunglasses are among some of the first stores to offer this solution this year,” Afterpay adds.

“By using Apple Pay with existing payment terminals, there are no merchant integration costs associated with accepting Afterpay. Customers in Australia will be able to use Apple Pay to make retail store purchases via the Afterpay app in the coming months.”