Square’s Deal for Afterpay Accelerates the Threat of BNPL

Square’s move to acquire Afterpay for $29 billion dramatically alters the futures of the two companies as well as the BNPL industry and its competitors. Square is gaining a payment option that bolsters its seller and Cash App businesses, while Afterpay is securing a key partner in its bid to be a leading BNPL provider. Meanwhile, the combination is part of a trend of major payments players breaking into the BNPL space, which is helping the industry rapidly expand its acceptance and adoption and challenging incumbent payments players.