Westpac Group Partners with Payment Platform Afterpay

Westpac Group, Australia’s first bank and oldest company has today announced partnership with Afterpay, “buy now, pay later” service. After the announcement, Afterpay will be the first partner to offer saving account and budgeting tools for customers on Westpac new digital banking platform.

Under Westpac’s banking licence and new banking-as-as-service platform, Afterpay will offer banking services to its 3.2 million Australian customers in the second quarter of 2021.

According to the major bank, Afterpay had rapidly built big customer bases in areas where Westpac isn’t strong – its existing customer base skews older and more affluent – and most importantly, had built high levels of trust with consumers.

Commenting on the partnership, Peter King, Westpac CEO, said that Fintech innovation is changing banking in important ways and Westpac new digital banking platform is part of long-term strategy to support this trend and better respond to changing customer needs.  

“The platform allows us to combine our banking experience with the innovation of our partners to support new customer experiences. We look forward to working with Afterpay to deliver new products and services,”  Mr King said. 

Anthony Eisen, Afterpay CEO, said: “We believe Australians deserve greater support and insight to help manage their money. Together with the power of our retail platform, the latest banking technology from 10x, and the support of Westpac, we will begin by offering cashflow management in a simple way.  

“Afterpay is in a unique position to extend and deepen the relationship with our  customers and help them to manage their money more seamlessly through savings and  budgeting tools. For Afterpay, this is clearly just the beginning as we explore this  opportunity globally,” he said. 

About Afterpay

Afterpay is an international payments platform, built to enable financial wellness for the next generation of shoppers. Consumers receive products immediately, pay in four interest-free instalments and are rewarded for paying on time. With no credit checks, no interest, and no catch, we empower customers to pay in a financially sustainable way. Afterpay is a movement in which everyone wins - shoppers, retailers and society.