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'A lot we can learn from Tencent’
The ability to connect retailers to this young, tech-savvy – and increasingly global – customer base remains a key justification for Afterpay charging retailers big fees of around 4 per cent of the cost of goods sold, much higher than credit cards (customers pay nothing if they pay on time).
Afterpay is sending 14 million referrals to retailers globally per month, as users come to its app before deciding where to shop.
Expansion beyond the United States, Britain and New Zealand will be led by retailers wanting to sell into new international markets, Mr Molnar said. The strategy is being discussed with Chinese technology powerhouse Tencent, which took a 5 per cent equity stake in Afterpay in May.
"There is a huge amount of information sharing, we speak with them regularly, and from our side, there is ambition to unlock debit payments in multiple parts of the world. How we play to our strengths is the focus," he said.
“There is a lot we can learn from Tencent’s innovation success they have had, to apply to our other markets... I think the strategic opportunity is beyond the markets we are in at the moment, between us and Tencent." |
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