According to Domino's ANZ Chief Marketing Officer Allan Collins, "Afterpay was now available for customers who wanted more flexible payment options – including catering to those unexpected, unbudgeted moments in life."
Similar to Affirm here in the US, the way Afterpay works is Australians can now split their Domino's payments into four interest-free installments over six weeks. It's similar to layaway except you get the product first and not after you've made all the installment payments.
In practice, buy-now-pay-later services offer an alternative to credit cards but it does seem odd to be making four small installment payments on what is typically an already small purchase.
As for how Afterpay makes money, it does so in several ways including charging transaction fees for merchants and late fees to users.
Photo via Domino's Australia.
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