Afterpay Becomes Cash App Afterpay, Accelerating Growth
Afterpay is entering a new chapter, joining forces with Cash App to become Cash App Afterpay.
In becoming one, the fintech companies, part of Block Inc., aim to expand access to the buy now, pay later experience to hundreds of thousands of merchants. The expanded impact will connect retailers with Cash App's impressive consumer base of highly engaged, digitally savvy, largely Gen Z consumers who have shown a preference for flexible payment options.
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As Afterpay becomes available through Cash App, merchant partners that offer Afterpay's buy now, pay later service can reach the eligible consumers in Cash App's network. Cash App counts 57 million monthly active users and 25 million Cash App Card monthly active users on its platform.
In the company's announcement, Nick Molnar, global head of sales at Block and cofounder of Afterpay, said 'the scale of Cash App's 57 million monthly actives means our merchant partners benefit from a larger network of customers, and eligible customers gain greater access to simple, fair and accessible payment options outside of traditional systems.'
He went on to say that the company believes that Cash App Afterpay will 'not only be an accelerant to Cash App growth but also an accelerant in the growing preference toward BNPL options in the United States.'
Tanuj Parikh, head of revenue, North America for Afterpay and Cash App, explained that for its retail partners, combining the power of Afterpay and Cash App will 'empower merchants to reach even more customers and help them grow sales.'
'We're going to supercharge our unique BNPL consumer network by making it seamlessly available to Cash App's massive audience, enabling them to check out anywhere Afterpay is integrated — which means merchant partners can benefit from a larger network of customers, and eligible customers gain greater access to simple, fair and accessible credit options outside of traditional systems,' Parikh said.
For the consumer, he added, the company knows that 'Millennial and Gen Z customers, in particular, prefer BNPL over traditional credit to meet their needs for responsible spending and greater liquidity on purchases large or small, one-off or regular.'
Notably, the Afterpay and Cash App brands have both gained consumer trust over the past several years as they continue to grow in the market. Cash App was ranked in the top five most authentic brands to Gen Z in a 2023 survey from YPulse of Gen Z's top 50 most authentic brands. Afterpay shares this consumer approval and was ranked the most trusted BNPL provider in a 2023 report from Afterpay Oxford Economics.
Surprisingly, Parikh said that the vast majority of Cash App's users have never used Afterpay.
'We're excited to give them the ability to pay over time for purchases in a reliable, simple and transparent way. We're confident that Afterpay can meet Cash App customers' desire for flexible payment options outside of traditional banking and credit systems through our diverse product suite,' Parikh said. 'We are working to establish Cash App as the preferred banking platform for a new generation, allowing millions of individuals to easily run their financial lives on Cash App and engage deeply with their community.'
To further showcase how Cash App can make consumers' money go further, the company will launch a national brand campaign later this week called 'Cash In.' The four-part campaign includes videos that will highlight the growing suite of banking features available from Cash App and the connectivity of the two ecosystems.
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