By Stuart Condie
SYDNEY--Afterpay Ltd. will launch its banking product in Australia in October as the buy-now-pay-later provider seeks to further grow and engage its user base.
The ASX-listed company on Tuesday said it will launch its Money app following a pilot among local staff. Afterpay is the first partner firm on Westpac Banking Corp.'s digital banking platform, with the lender holding deposits as first announced in October.
Afterpay said balances would attract a 1% annual interest rate. There is no overdraft facility and the account is linked to a customer's regular Afterpay installment payment account.
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(END) Dow Jones Newswires