Afterpay, Westpac tackle wage-advance apps with new 'Retro' BNPL feature

author-avatar By on September 22, 2021
Afterpay, Westpac tackle wage-advance apps with new 'Retro' BNPL feature

In a 'world first', the new partnership allows customers to retrospectively create an Afterpay for eligible transactions up to $200.

Afterpay today announced its money and lifestyle app, 'Money' by Afterpay, and new feature 'Retro', allows customers to retrospectively create a pay in four instalments from any eligible Money debit transaction.

The Retro feature can be used by customers for up to $200 of their Afterpay overall available to spend amount - from any eligible retailer regardless of whether they usually accept Afterpay.

When Retro is used, the customer will be spotted 100% of the purchase amount by Afterpay.

For example, if a customer paid $200 for dinner and wants to 'retro it', their account will be credited $200 and they will then pay off the Retro transaction in four payments of $50 each, just like a typical Afterpay BNPL purchase.

The banking app, which will launch next month, is a joint venture between Afterpay and Westpac, which teamed up last year to offer savings accounts for customers.

Afterpay Executive Vice President, New Platforms, Lee Hatton said that Afterpay aimed to create an all-inclusive platform. 

"The integration of BNPL and now Retro will give customers a one-stop app for their money management, allowing them to be more in control of their money than ever before," Ms Hatton said.

"Customers can forgo salary advance apps or overdraft facilities in favour of a single solution that doesn't charge fees," she said. 

See Also: Wage Advance Apps Compared


Image by Christiann Koepke via Unsplash

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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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