SQ - Block's Afterpay Rite Aid partner to offer 'Buy Now Pay Later' option

Block's (NYSE:SQ) Afterpay and drugstore chain Rite Aid (RAD) will offer online shoppers a "Buy Now, Pay Later" option for purchasing everyday items, with plans to offer the financing at stores later this year, the companies said Tuesday. Customers will be able to spread out payments over four installments at no additional cost if they pay on time. "Our relationship with Rite Aid (RAD), and expansion into drugstore e-commerce, comes at a time of increased shopper demand to pay over time," said Zahir Khoja, general manager of Global Platforms and Partnerships at Afterpay. Rite Aid will offer Afterpay on purchases made online and plans to roll out the BNPL option in stores nationwide in coming months. Customers can apply Afterpay to any purchase made online, except for prescription drugs or products that require a health provider prescription. Recall that Block (SQ) acquired Australia-based Afterpay in an all-stock transaction on Jan.

For further details see:

Block's Afterpay, Rite Aid partner to offer 'Buy Now, Pay Later' option