Square bought Afterpay because it really wants to be a bank ...Middle East

Quartz - Economy
Square bought Afterpay because it really wants to be a bank
source : Quartz ( Middle East ) () 3
Old habits die hard. It’s easy to still think of Square as a tech company—not least because its name refers to the white credit-card readers it sells to vendors, or because its CEO, Jack Dorsey, is also the CEO of Twitter.But Square has been turning—surely and not that slowly—into a bank, a transition that will be accelerated by its new, $29 billion acquisition of Afterpay, the Australian provider of buy-now-pay-later services. Square’s all-stock deal, announced on Aug. 1, fuels the boom in the buy-now-pay-later market, which is increasingly popular with shoppers. By buying Afterpay, Square will now compete with dominant players such as Klarna and Affirm, as well as giant firms like Apple,

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