Myer will offer customers Afterpay at the online checkout in May.
Myer will offer customers Afterpay at the online checkout in May. JOEL CARRETT

Myer's new policy lets you take fashion now, pay later

AN AUSSIE department store is offering customers a way to receive their goods and pay later - and, no, it's not a five-finger discount.

Myer, Australia's largest department store, has partnered with retail payments service, Afterpay.

Customers will have the option to 'buy now, receive now, pay later' through Afterpay at Myer online from May this year.

The partnership will initially be over a two-year period. Afterpay works as an option at the online checkout.

Customers choose Afterpay and then the platform splits the purchase payments into four equal instalments due every fortnight.

The Afterpay website states the customer does not have to fill out any paperwork. It uses the customer's nominated bank card to process the application.

Some of the retail payments service's other partners include Telstra, Booktopia, 2XU, Running Bare, Tarocash and Alannah Hill.

Afterpay managing director Nick Molnar said the way people in Australia shop was changing.

"We feel privileged to work with Myer, one of Australia's most iconic retail brands, and are excited to introduce Myer's online customers to the benefits of Afterpay," he said.

The service claims to have more than 500,000 active customers and over 3100 retailers.

Afterpay claims the largest group using the buying system are millennials who are great spenders while also being price conscious and savvy, but that Generation X and Baby Boomers are increasingly embracing the service.


Myer signage at a retail store in Sydney, Friday, Nov. 11, 2016. (AAP Image/Joel Carrett) NO ARCHIVING
Myer has entered a partnership with retail payment service, Afterpay. JOEL CARRETT