The buy-now-pay-later services provider rolls back its Money app in Australia. Credit: DariuszSankowski from Pixabay.

Afterpay, a payments firm acquired by Jack Dorsey’s Block Inc, has rolled back its Money app, and ditched an alliance with Australia’s Westpac Banking Corp, reported Reuters citing the companies.

With younger customers opting for smartphone-friendly and financial products with minimal regulations, the latest move is expected to dent opportunities for Westpac to tap this specific category of population. 

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The buy-now-pay-later (BNPL) platform was bought by Block for $29bn. Following this, Afterpay unveiled plans to integrate its products with Block’s “ecosystem”.

This also comes close on the heels of Block’s plan to promote its Cash App service in Australia. 

The service, already in operation in the US and UK, enables users to transfer money to each other.

Block earns profit through Cash App by collecting fees from the users sending each other Bitcoin.

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Afterpay would stop registering new users on its Money app immediately and shut its operations on 10 October, reported the news agency citing a company spokesperson.

Money by Afterpay head Lee Hatton said: “Our decision to move in this new direction is due to our exciting next chapter with Block, particularly as we think about Cash App opportunities here in Australia.”

Meanwhile, a Westpac spokesperson said: “The bank is proud of being first to market in Australia with our digital banking as a service business, and the work we’ve done with the Money by Afterpay team.”

In October 2020, Afterpay announced collaboration with Westpac to offer savings accounts to its Australian customers.