Payment service – Square takes over Afterpay – economy

The US payment service Square is considering an acquisition: it plans to buy Australian installment payment provider Afterpay for $ 29 billion. Square expects the purchase to open up new avenues to steer younger customers especially away from traditional credit cards and toward installment payments. “Buy now, pay later” will be integrated into the Square Cash app. With it, users could previously send and receive money, keep tabs on their finances, and invest in stocks or bitcoin. Square wants to pay the purchase price entirely in its own stock. According to reports, Afterpay shareholders will receive 0.375 Square shares per share. Based on Square’s closing price on Friday, this equates to a price of A $ 126.21 per Afterpay share.

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