WEBNF - Block's Afterpay ends Australia banking app partnership with Westpac

Afterpay, the Australian Buy Now, Pay Later lender that was acquired by Block ( NYSE: SQ ), and Westpac Banking ( OTCPK:WEBNF ) have ended their partnership after the payments company cancelled a mobile app it was operating with the bank, Reuters reported Friday.

Instead, Afterpay will integrate its products into Block's ecosystem. The move ends the partnership with Westpac ( OTCPK:WEBNF ) less than two years after it started and opens the door for Block ( SQ ) to bring its Cash App to Australia. Block's payment and finance app allows users to send payments to anyone, spend via debit card, save, and invest in stocks and bitcoin ( BTC-USD ).

"Our decision to move in this new direction is due to our exciting next chapter with Block ( SQ ), particularly as we think about Cash App opportunities here in Australia," Lee Hatton, head of the decommissioned app Money by Afterpay, told Reuters.

The company will stop signing on new users for Money by Afterpay app immediately and close the app on Oct. 10.

On Feb. 1, the day after Block ( SQ ) closed its acquisition of Afterpay, Block integrated Afterpay BNPL for Square online sellers. In May, it added Afterpay to its Square in-person transactions.

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