AFTERPAY SIGNS TARGET FOR ITS 'BUY NOW PAY LATER' SYSTEM

AFTERPAY SIGNS TARGET FOR ITS 'BUY NOW PAY LATER' SYSTEM

PAYMENTS service provider Afterpay (ASX: APT) has signed a deal with department store giant Target and will now be available to customers at checkout.

Afterpay, which allows customers to pay for goods and services over four fortnightly payments, will be available on target.com.au for online purchases and click & collect in-store.

Head of Afterpay Touch Group, Nick Molnar, says he is excited to extend the Afterpay system to Target customers, a brand with a history of offering affordable solutions to customers.

"A partnership with Target provides an incredible opportunity for Afterpay to continue to offer its customers more choice and will further drive our millennial to mass consumer expansion strategy," says Molnar.

"Layby has been a core offering for department stores and we're excited to bring buy-now-pay-later to the next generation where customers can receive the products up front."

Shares in Afterpay were up two cents at $4.17 following the announcement. 

Afterpay operates by paying the retailer for the purchase, and the customer pays fortnightly instalments to Afterpay with the benefit of zero interest or up-front fees. Late fees are incurred if payments are missed.

The group's announcement follows news that the payment solutions provider has partnered with budget airline Jetstar for domestic Australian flights.

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