Afterpay Adds Optionality with Launch of Pay Monthly in Australia

Pay Monthly gives Australians more time to pay for purchases worth spreading over time – with total maximum costs shown upfront, no account fees, and 0% p.a. at Apple for a limited time.

DISTRIBUTED-WORK-MODEL/SYDNEY, JUL 1 – Afterpay today announced the launch of Pay Monthly in Australia, a new payment option designed for the purchases in life that customers want to pay back over an extended timeframe. Available exclusively in Apple Stores across Australia for eligible devices, online or in the Apple Store app. Afterpay Pay Monthly offers defined monthly payments, a fixed end date, and the same transparency Afterpay customers already know, without the hidden fees, compounding interest, or open-ended debt of a traditional credit card.

At launch, Pay Monthly is available at Apple at 0% p.a. for a limited time – meaning customers pay only the purchase price, split across a set term of 6, 12, 24 months at launch for financed items. Some items need to be paid for at checkout. 

More time to pay – done the Afterpay way

Pay Monthly is designed for the purchases that matter most: the ones where customers want more time to pay. 

“Pay Monthly is the Afterpay evolution for some bigger purchases,” said Michael Saadat, Head of International Public Policy, Afterpay.  “Afterpay was built on the idea of offering a fairer alternative to traditional credit. Pay Monthly is no different. Customers know exactly what they’ll pay before they commit if they pay on time. There are no hidden fees. 

Two brands. One better way to pay

Through Pay Monthly with Afterpay, eligible Apple customers can get a new iPhone, Mac,  iPad, Apple Watch or Apple Vision Pro at 0% p.a. for a limited time – with total costs if they pay on time shown upfront before they confirm, and no account fees.

“Pay Monthly gives eligible Apple customers more time to pay, with no account fees, clear costs, and a fixed end date. It’s the smarter credit option for the tech you use every day,” said Saadat.

How Pay Monthly works

Customers apply for Pay Monthly and, once approved, receive a spend limit of between $1,000 and $20,000, subject to an affordability assessment, identity verification, and a credit check. That spend limit is available for eligible Apple purchases across payment terms of 6, 12, 24 months at launch. 

The standard interest rate for Pay Monthly is 19.99% p.a. unless a promotional rate is applied – fixed for the life of each order. At Apple, the rate is 0% p.a. for a limited time. There are no account fees, no establishment fees, and no early repayment fees.  If a payment is missed, late fees apply, capped at the lower of 15% of the order amount or $250 per order.

Before confirming any order, customers see the total maximum cost up front (if they pay on time) including monthly payment, total interest, and end date.  The finish line is clear. And customers could save on interest by paying off their order early (when interest is applied).

Responsible lending built in

Pay Monthly is a regulated consumer credit product, subject to responsible lending requirements. 

Afterpay’s existing customer safeguards extend to Pay Monthly: accounts are paused for new purchases after a missed payment, preventing further use until the outstanding amount is cleared. Hardship support is available to every customer, regardless of how much they owe.

Research shows 70% of existing Afterpay customers would be interested in a longer-term payment option for some bigger purchases. Pay Monthly is Afterpay’s response – a product built around a clear finish line for orders, not an open-ended obligation.

More choice, same values

Pay Monthly is a new addition to Afterpay’s product range – not a replacement for what customers already know and use. For everyday purchases, Afterpay’s existing products remain the right choice. For purchases where spreading the cost over an extended timeframe makes sense – Pay Monthly gives customers an alternative, without the complexity of traditional credit.

ENDS 

About Afterpay Afterpay is transforming the way we pay by allowing eligible customers to buy products immediately and pay over time — enabling simple, transparent and responsible spending. Afterpay is offered by thousands of retailers and used by millions of active customers globally. Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay. Afterpay is a wholly owned subsidiary of Block, Inc. (NYSE: XYZ).

Late fees and T&Cs apply. Eligibility criteria including Pay in 4 in good standing and valid debit card required. Pay Monthly is a continuing credit contract. Some items may need to be paid for at time of checkout. Afterpay Australia Pty Ltd, Australian Credit Licence 527911.