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‘Gone through the roof’: Shares soar in tech company Afterpay

Share prices in Afterpay Touch have skyrocketed as the company yesterday posted a huge sales growth and consumers increasingly get on board the buy now, pay later platform.

Macquarie Radio’s finance commentator Ross Greenwood described it as the modern equivalent of layby and explained how it works on 3AW Mornings.

He said consumers register a credit or debit card with Afterpay.

“As a result you can walk into any store today and you can take away any goods using Afterpay without paying them,” he said.

“What will happen is over the next 8 weeks there will be four separate payments each fortnightly, 25 per cent of the value of the goods that you have purchased.

“This thing has gone through the roof.”

He said there had been some concerns, including whether it was being used by underage teens to buy alcohol.

“The company reported yesterday over the past 12 months, its sales using Afterpay have almost tripled, $2.3 billion worth of goods bought over the past 12 months,” he said.

“The share price jumped 24 per cent on that news.”

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