Afterpay's Retail solution is the Afterpay Card: The Afterpay Card is a persistent, virtual card which is stored in the customer’s digital wallet. Transactions made using the Afterpay Card are processed and settled in the same way as any Visa card transaction made in-store using Apple Pay or Google Pay.
Customers set up the card through a one time onboarding flow in the Afterpay app. When the customer is ready to make a purchase, they simply activate the card in the Afterpay app and tap on the payment terminal. The transaction is processed by the merchant as a contactless Visa card transaction.
When Afterpay processes the transaction, an Afterpay order is created for the customer that follows our online payment schedule: 4 payments, made every two weeks, always interest-free. The first payment is made at the time of purchase with three remaining repayments being debited from the customer’s chosen repayment method at 2 week intervals. The user can change their repayment card at an installment, order and/or account level.