Afterpay Provides Market Update

Company News

by Anna Napoli

Buy now pay later company, AfterPay Touch (ASX:APT) has provided the market with an update following media speculation over its lack of restrictions for underage purchasers.

The business says sales for the first three quarters of FY18 were up 400 per cent when compared with the same period last year.

Afterpay says customer advocacy remains a priority and it’s working to reduce instances of fraud and cap late fees.

The company says its model promotes responsible customer spending and listed a number of fraud and repayment checks.

Last week the company issued a statement to the ASX saying it “would curtail underage usage of its service by dishonest users”.

Shares in Afterpay Touch (ASX:APT) are trading 4.88 per cent lower to $5.65.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.