Australian transactions firm
Marketing costs more than doubled in the year to June, as the firm attempted to capitalise on the pandemic-induced buy now, pay later (BNPL) services boom – which accompanied a surge in online shopping.
Statutory losses swelled to
However,
Dorsey, who confirmed the merger at the beginning of the month, said that the payments firms have a “shared purpose”.
The deal signals that the BNPL business, where shoppers can buy whatever they want by gradually paying off small point-of-sale loans in interest-free instalments which bypass credit checks, will not be going anywhere anytime soon.
Afterpay’s founders,
Despite the costs, the firm’s marketing move had tipped a sales uplift, where the value of transactions facilitated hit
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