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Afterpay is embarking on an exciting new phase by merging with Cash App, rebranding as Cash App Afterpay.
This strategic partnership between the two fintech companies, both subsidiaries of Block Inc., is set to broaden access to buy now, pay later (BNPL) services, reaching an extensive network of merchants. The collaboration also connects retailers to Cash App’s vast consumer base, which is primarily composed of engaged, tech-savvy Gen Z users who prefer flexible payment solutions.
Expanded Reach for Merchants and Consumers
As Afterpay becomes integrated within Cash App, retailers who already offer the BNPL service will be able to connect with Cash App’s enormous network. With 57 million active monthly users and 25 million active Cash App Card users, the platform offers a robust customer base.
Nick Molnar, cofounder of Afterpay and global head of sales at Block, expressed that Cash App’s broad user network allows merchants to access a larger customer pool while also providing consumers with easy-to-use and transparent payment alternatives. Molnar believes this merger will accelerate the popularity of BNPL services in the United States and drive Cash App’s growth.
Boosting Sales for Retail Partners
Tanuj Parikh, Head of Revenue for Afterpay and Cash App in North America, explained that combining Afterpay’s BNPL services with Cash App’s audience will enable retailers to reach more customers and grow sales. Parikh emphasized that this collaboration will provide consumers with seamless access to BNPL options wherever Afterpay is accepted, making it easier for them to enjoy flexible and accessible payment methods.
He also noted that Millennials and Gen Z are especially drawn to BNPL services over traditional credit, preferring responsible spending and enhanced liquidity for both small and large purchases.
Both Brands Trusted by Consumers
Afterpay and Cash App have both earned significant consumer trust over the years. Cash App ranked among the top five most authentic brands for Gen Z in a 2023 YPulse survey, while Afterpay was recognized as the most trusted BNPL provider in a 2023 report by Afterpay and Oxford Economics.
Interestingly, Parikh revealed that most Cash App users have never used Afterpay before. The goal, he said, is to provide them with an easy, reliable, and transparent way to pay over time. With this new integration, Cash App will cater to the growing demand for alternative credit options outside traditional banking systems.
Introducing the ‘Cash In’ Campaign
To further promote the new offerings, Cash App will debut a national marketing campaign called “Cash In,” showcasing the enhanced suite of banking features and the combined power of both platforms. The campaign will feature videos that demonstrate how Cash App can help consumers make their money go further while seamlessly integrating Afterpay into their financial lives.