As the world becomes ever more digitized, people are increasingly turning to so-called “digital wallets” to make payments. Perhaps the most famous example of these is PayPal – the online-based digital bank account that allows you to collect payments through eCommerce sites, like eBay. Many others have come and gone since then, with some of the biggest companies in the world, like Apple and Google, now offering their own versions.
Today, though, there’s a new kid on the block called Afterpay. It’s an Australian digital wallet that promises to transform how people make payments online. The service provides all the usual goodies, such as being able to pay for stuff online and use an app to buy items in-store. But it also offers a bunch of features that many customers will find helpful.
The company says that it never charges interest on purchases. So if you receive a line of credit from the company, it’s free. The other benefit is that using the service doesn’t affect your credit score. The app won’t pass your information on to any third-parties, permanently depriving banks and other financial institutions of all your financial information.
There are limits, of course, to how much you can use on credit, but Afterpay deals with these as “loans” instead of regular credit. For this reason, the app is relatively consumer-friendly.
The following infographic charts how Afterpay affects your credit rating, allows you to do things like split purchases and sets limits for your spending. Read on to find out more.
See how Payday Deals explains Afterpay