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    APT   AU000000APT1

AFTERPAY LIMITED

(APT)
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Afterpay : Westpac to launch zero-interest digital card with young consumers in focus

10/20/2021 | 12:47am EST
FILE PHOTO: An office building with Westpac logo is seen in Sydney

(Reuters) - Westpac Banking Corp said on Wednesday it would launch a digital credit card this year that would offer zero interest and be aimed primarily at young customers who are seeking the convenience of fast and efficient payment services.

Australia's second-largest lender said customers can apply for the card, called Flex, online or through its mobile banking app, and would be given access to A$1,000 ($748.50) of credit with no interest on purchases and no late payment fees.

The move comes as contactless payments have gained in popularity in recent years, especially among young consumers who are tech savvy and rely on the internet for most of their purchases.

"Consumer research shows that younger Australians are less likely to use a traditional credit card, compared to older generations," Westpac's Chief Executive Consumer and Business Banking, Chris de Bruin said.

Westpac earlier in the year partnered with buy-now-pay-later giant Afterpay Ltd for a banking application that would allow users to deposit their salaries in saving accounts.

($1 = 1.3360 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru; Editing by Anil D'Silva)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED 1.84% 95.73 End-of-day quote.-18.87%
WESTPAC BANKING CORPORATION 1.11% 20.95 End-of-day quote.8.16%
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Analyst Recommendations on AFTERPAY LIMITED
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Financials
Sales 2022 1 475 M 1 050 M 1 050 M
Net income 2022 -30,8 M -21,9 M -21,9 M
Net Debt 2022 591 M 421 M 421 M
P/E ratio 2022 -2 273x
Yield 2022 -
Capitalization 27 787 M 19 770 M 19 779 M
EV / Sales 2022 19,2x
EV / Sales 2023 13,0x
Nbr of Employees 1 300
Free-Float 77,7%
Chart AFTERPAY LIMITED
Duration : Period :
Afterpay Limited Technical Analysis Chart | APT | AU000000APT1 | MarketScreener
Technical analysis trends AFTERPAY LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 95,73 AUD
Average target price 127,16 AUD
Spread / Average Target 32,8%
EPS Revisions
Managers and Directors
Anthony Mathew Eisen Co-CEO, Executive Director & Managing Director
Nicholas David Molnar Co-CEO, Executive Director & Managing Director
Rebecca Lowde Chief Financial Officer
Elana Rubin Independent Chairman
Dana Stalder Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
AFTERPAY LIMITED-18.87%19 232
SQUARE, INC.-17.42%82 900
FISERV, INC.-11.73%68 090
GLOBAL PAYMENTS INC.-44.17%36 858
FLEETCOR TECHNOLOGIES, INC.-23.74%17 641
NEXI S.P.A-16.28%16 042