Department store giant Target has announced a partnership with fintech company Afterpay, a move which will allow its customers to pay for goods in instalments after purchase.
Afterpay works by paying the retailer for the item, with customers then paying this back in four bi-weekly instalments.
Target customers shopping online or using the click and collect services will be able to take advantage of the finance scheme. Currently, the company has more than 300 stores spread around Australia.
Head of Afterpay Touch Group, Nick Molnar, said: “A partnership with Target provides an incredible opportunity for Afterpay to continue to offer its customers more choice and will further drive our millennial to mass consumer expansion strategy.”
This is the latest in a series of moves by major Australian retailers to make shopping easier for customers as Amazon’s market entry looms large. It is thought that the US ecommerce platform will be up and running in the country as early as Black Friday, in time for the festive shopping season.
Amazon is also likely to undercut retailers on numerous products in a bid to quickly establish a hold on the market, placing further pressure on other vendors to price competitively and provide seamless service.
For Afterpay, it is the latest partnership to be signed with large businesses after it recently signed up budget airline Jetstar for domestic flights.