Afterpay will be on eBay in 2020
What does this mean for the buy now, pay later sector?
The integration will officially launch in 2020.
Afterpay revealed the new partnership in its financial results announcement. Its global underlying sales reached $2.7 billion in the 4 months leading up to 31 October 2019, showing a 110% increase on the previous corresponding period.
Afterpay's partnership represents a major development for the interest-free payment sector. eBay is Australia's largest shopping site, with 11 million unique users every month.
"The partnership represents Afterpay Australia's largest online arrangement to date, which allows both companies to align on a mutual approach of adding value to merchants by helping them access new and repeat customers," the company said.
This news comes just one week after Zip Co announced its Australian partnership with Amazon.
Interest in buy now, pay later is growing. In the financial year 2015-16, just 400,000 customers across Australia used a buy now, pay later service. That jumped to 2 million in 2017-18.
The new Afterpay/eBay deal potentially represents a significant opportunity for the 40,000 Australian SMEs currently operating through eBay Australia's platform. With customer demand for interest-free services growing at such a rapid rate, small businesses may be keen to jump on the bandwagon as soon as possible.
Check out our full list of all the retailers Afterpay is available through.