By Stuart Condie
SYDNEY--Afterpay Ltd. will offer bank accounts to its 3.3 million buy-now-pay-later customers in Australia as part of a partnership with Westpac Banking Corp., the country's second largest lender.
The company on Tuesday said the arrangement would bring risk management and processing cost benefits. It could eventually facilitate new revenue streams without the need for Afterpay to develop traditional banking or credit products, Afterpay said.
Westpac said that Afterpay was the first partner on the lender's new digital platform, which allows non-banks to offer their customers banking services.
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(END) Dow Jones Newswires