TRAVELLING is about to become even more accessible now that Jetstar has become the first airline to introduce delayed payment system Afterpay (ASX: APT) in Australia.
For customers booking domestic Australian flights and products online at Jetstar.com, the Afterpay payment solution will be available which will allow travellers to pay for flights in four equal fortnightly instalments.
As of today, Afterpay is available for domestic flights for transactions between $200 and $1000 booked eight weeks or more in advance of travel.
The airline is also in discussions with the payment solution provider Afterpay to extend the service to international flights.
Jetstar Group Chief Executive Officer Jayne Hrdlicka says offering Afterpay will allow even more people to access affordable travel options.
"Our mission at Jetstar is to offer low fares to enable more people to fly to more places, more often," says Hrdlicka.
"Partnering with Afterpay gives our customers the option to lock in low fares at today's prices and pay over time, even during our sales."
Co-Founder and managing director of Afterpay, Nick Molnar, says the Jetstar agreement provides the company an opportunity to move into a new product category that customers are very eager to access, considering millennials are spending more of their disposable income on travel.
"There has been a clear shift in millennials share of wallet towards the service industry and more specifically travel," says Molnar.
"We believe the demand for Afterpay in the travel market will be very strong."
According to research commissioned by Afterpay, over 60 per cent of millennials were planning to travel for a holiday overseas, domestically, or both this year.
Following today's announcement, shares in Aferpay have jumped up by over 6 per cent to $4.25.
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