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Magazine + Sections + Fashion + Art & Design + Travel + Food + Culture * Sports + Columns + Jason Gay + Sections + Tokyo Olympics + MLB + NBA + NFL + Golf + Tennis + Soccer Search [ ]Search Share * Facebook * Twitter * LinkedIn * Copy Link * Markets Square Agrees to Acquire Afterpay for $29 Billion in All-Stock Deal Australian installment-payment company positions its service as a cheaper, more responsible alternative to a credit card [im-378656] Square said it plans to integrate Afterpay into its Seller and Cash App business units. Photo: David Paul Morris/Bloomberg News By David Winning Close David Winning * Biography * @dwinningWSJ * david.winning@wsj.com Updated Aug. 1, 2021 6:22 pm ET SYDNEY-- Square Inc. has agreed to an all-stock deal valued at around $29 billion to acquire Australia's Afterpay Ltd. , an installment-payment company that positions its service as a cheaper and more responsible alternative to a credit card. Square said it plans to integrate Afterpay into its Seller and Cash App business units, which would allow more retailers to offer so-called buy now, pay later services at checkout. Afterpay's technology allows users to pay for goods in four interest-free installments, while receiving the goods immediately. Customers pay a fee only if they miss an automated payment, a transgression that also locks their account until the balance is repaid. Afterpay says this limits bad debts, particularly in a downturn when job security is shaky and household finances are stretched. Most of Afterpay's revenue comes from retail merchants, which pay a percentage of the value of each order placed by customers, plus a fixed fee. The company is expanding across the U.S. through deals with retailers including Anthropologie and Free People. "Square and Afterpay have a shared purpose," said Jack Dorsey, Square's chief executive. 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