Say hello to Retro! A funky BNPL feature of the soon-to-launch Money by Afterpay app
Today, Buy Now Pay Later (BNPL) giant Afterpay has announced a new feature to be launched for customers: ‘Retro’.
With Retro, Afterpay users can retrospectively decide to pay off a transaction they've made in four instalments using BNPL - which the platform claims is a world-first.
But there are some conditions …
The feature will be launched soon with the Money by Afterpay app, a payment platform backed by major bank Westpac. The app will offer BNPL options, a daily transaction account and debit card, as well as up to 15 savings accounts - all in one place.
“As we continue building out the Money experience, we’re creating a platform for customers to change the way they think about their money,” Afterpay executive vice president, new platforms, Lee Hatton said.
“The integration of BNPL and now Retro will give customers a one-stop app for their money management, allowing them to be more in control of their money than ever before. Customers can forgo salary advance apps or overdraft facilities in favour of a single solution that doesn’t charge fees. We’re excited to announce this first Afterpay superpower and look forward to sharing more as we get closer to launch.”
Essentially, this means that the Retro feature will only be able to be used on transactions made using Afterpay’s in-app Money debit card.
Plus, it’s only available for up to $200 of a customers’ Afterpay account limit. So say a customer has an Afterpay limit of $1,000, $200 can be used for Retro and the remaining $800 can be used for regular Afterpay transactions.
On top of that, customers will only be able to use Retro on purchases made up to 72 hours prior.
Ok, so how does Afterpay’s Retro work?
As mentioned, Afterpay customers using Retro will be able to choose a transaction they’ve made using the Money debit card and opt to pay it off in four fortnightly instalments.
This means that once you choose the transaction, Afterpay will reimburse you the total amount of that purchase. You will then pay it back over eight weeks (four fortnights).
Like regular Afterpay, Retro will follow the ‘No Payment Up Front’ format, so the first payment is due two weeks after you have received the funds from Afterpay.
The other good news is that with Retro you can select transactions that have been made at retailers whether they accept Afterpay or not, and there is no extra charge for using this feature.
How can I start using Retro through the Money by Afterpay app?
Interested in giving Retro a try? Well, the feature hasn’t been launched quite yet, and neither has the Money by Afterpay app. However, you can sign up for a waitlist on the Afterpay website.
On the other hand, if you want to give Afterpay a try before the launch, you can sign up for the BNPL service right now.
Simply head to Afterpay’s website and follow the prompts. Just a heads up, you’ll have to provide a bit of personal info as well as link a debit or credit card to your BNPL account. Details about your account limit will also be provided to you on sign up.
Want to find out more about your BNPL options? Head to our Buy Now Pay Later hub for a tonne of great info!