BNPL world-leaders Afterpay and Zip join Australian debt solutions charity Way Forward to better support customers in financial hardship
Way Forward today announced Afterpay Limited (ASX: APT), a global leader in Buy Now, Pay Later (BNPL), has become its newest member. Afterpay joins a leading list of members that includes Australia’s biggest financial institutions, all cooperating with Way Forward to assist Australians struggling with debt.
This announcement coincides with Zip also joining Way Forward, making both the first BNPL companies to partner with Way Forward.
Way Forward CEO David Berry commented: “The BNPL revolution, led by Afterpay, has completely changed how millions of Aussies pay and think about budgeting. But this dizzyingly rapid pace of change means education and industry cooperation must continue. Therefore, we are thrilled Afterpay has joined Way Forward so we can work towards these common goals as a united front.”
“At Way Forward, we help more than 600 Australians reach long-term, dignified pathways towards a debt-free life. Looking at our data, we expect client numbers, amount of debt and creditors to continue to rise as we open up our economy. During this time, industry cooperation across traditional institutions and fintech innovators like Afterpay will become more important than ever.”
Afterpay Co-Founder and Co-CEO Anthony Eisen added: “The Afterpay story has always been about disrupting traditional finance for the benefit of customers and helping them find a new way to pay. We’re proud of the responsible spending rules and consumer protections that are built into our service. The average purchase on Afterpay is around $150, and the average amount that customers have outstanding is around $200.”
“For customers who do need additional support, Afterpay offers a generous and accessible hardship program where flexible payment timelines with no additional fees or cost can be agreed upon. Furthermore, Afterpay does not rely on customers to drive revenue, as most of our revenue comes from merchants.”
“We take our commitment to supporting customers seriously and partnering with Way Forward is another important step in providing additional assistance to the customers who need it. Financial hardship is complex, stressful and unique to every individual’s circumstance so working with their team of hardship advocates will truly complement the services we already offer to our Australian customers,” Eisen added.
Way Forward CEO David Berry continued: “We’re very thankful that Afterpay has chosen to join forces with Way Forward. We encourage other BNPL companies to follow suit and start membership discussions with us to better support Australians struggling to pay their bills.”