Australian BNPL agency Afterpay is killing off its Cash app – and the associated partnership with Westpac – as guardian Block readies the launch of its Money App within the nation.
Nevertheless, Afterpay has now stopped accepting new clients for the app forward of a full closure on 10 October.
Lee Hatton, head, Cash by Afterpay, says: “Our resolution to maneuver on this new path is because of our thrilling subsequent chapter with Block, notably as we take into consideration Money App alternatives right here in Australia.”
The transfer is a blow for Westpac’s BaaS platform, which is shedding its most excessive profile associate after simply two years.
The financial institution launched the platform to be able to entice extra younger clients by way of tie-ups with fintechs however AfterPay’s acquisition by Block muddied the waters with the US large thought-about extra of a rival than associate.