Australia

Openpay, the latest firm to enter the U.S.’s booming buy now, pay later instant-credit market, has hired a team clearly braced for heavier competition and regulation ahead.

Two large deals happened this week in Australia to build scale against international financial services encroachment from card schemes and cross-border financial services — a concern that's cropping up in several nations.

Afterpay has entered into an agreement with NBQ Corporate SLU to acquire Pagantis SAU and PMT Technology SLU for €50 million (about $59 million) to expand into France, Italy and Spain — a direct challenge to Klarna, one of the dominant European buy now, pay later (BNPL) providers.

Brisbane, Australia-based EML has partnered with the New Zealand buy now, pay later fintech Laybuy to leverage digital cards for in-store and online retail purchases.

Afterpay has launched a version of its online installment payment method for in-store use in the U.S. by leveraging Apple Pay and Google Pay.

Commonwealth of Australia (CBA) reports digital wallet users spent a AUS$1 billion (about $630 million) in March 2020, a high for the bank that's part of an acceleration to digital wallets and contactless cards during the coronavirus crisis.

The coronavirus pandemic has forced Irish fintech Prepaid Financial Services Limited (PFS) to drop its sale price by $117 million to close its deal with EML payments Limited.

Australia’s Airwallex group is seeking about $200 million in a series D equity funding round to bankroll its cross-border payments business globally, according to people familiar with the matter.

Afterpay, whose online installment loans are seeing strong growth in the U.S. apparel sector, has partnered with Oakland, Calif.-based processor Marqeta to develop additional payment products and services.

Afterpay has found an opening in the U.S. by targeting the millennials who don't have a credit card to use at the point of sale.