Afterpay goes Retro in a world first
Afterpay’s new money and lifestyle app – Money by Afterpay (Money) – comes with a world-first feature, Retro Afterpay. It permits customers to retroactively create a “pay in 4” from any eligible Money debit transaction.
Plus, it allows customers to make Money their primary money app with access to this feature at no cost as well as the previously announced integration with BNPL, a daily transaction account with a debit card and up to 15 savings accounts.
Afterpay says thousands of hours of research were spent on creating Money. When asked, customers reported the concept of Retro was one of the most important features for them. It was second only to No Payment Up Front (NPUF), which is now available for qualifying Afterpay Pulse customers as part of the BNPL experience.
Afterpay says the Retro feature was designed in response to Millennials' and Gen Zers' needs. They continue to shun credit cards with many not even signing up for a credit card at all.
In fact, 94 per cent of Afterpay Gen Z customers link their Afterpay account straight to their debit card.
When launched, the new Money app will make this even easier for customers by automatically linking their Retro payments to their Money account.
Customers can use the Retro feature for up to $200 of their Afterpay overall available to spend amount from any eligible retailer regardless of whether they usually accept Afterpay.
The overall limit given to each customer doesn’t change with the use of Retro; Retro will just form part of the limit and be optional for all customers.