Australia’s leading investment platform provider CommSec has released data on the most traded ASX shares on its platform from last week.

Here’s the data:

Zip Co Ltd (ASX: Z1P)

Zip’s shares were the most popular shares among CommSec investors last week, accounting for a sizeable 5% of trades. Approximately 58% of these trades came from buyers, who will have been delighted to see the Zip share price surged 13% higher over the five days. The catalyst for this was a strong Q3 update.

Betashares Nasdaq 100 ETF (ASX: NDQ)

The Betashares Nasdaq 100 ETF was popular with investors again last week. Its units accounted for 1.7% of trades on the platform, with a massive 80% of them coming from buyers. Investors may have been piling in due to a pullback in bond yields.

Brainchip Holdings Ltd (ASX: BRN)

This artificial intelligence technology company’s shares were attributable to 1.5% of trades last week. Almost two-thirds of these trades came from the buy side, which helped drive the BrainChip share price 14% higher for the week. News that the company has begun manufacturing its neuromorphic processor chip for edge AI devices gave its shares a boost.

BetaShares Global Sustainability Leaders ETF (ASX: ETHI)

A new entry to the top five is this ethical investing ETF. It accounted for 1.3% of trades during the period, with buyers accounting for 85% of the volume. This ETF invests in sustainable and ethical companies and has now recorded three straight weeks of gains.

Afterpay Ltd (ASX: APT)

The ever-popular Afterpay makes the top five yet again. The payments giant’s shares were attributable to 1.1% of trades on CommSec. And despite the Afterpay share price rising almost 4.5%, only 46% of the volume came from buyers. This morning Afterpay released its third quarter update and revealed that underlying sales continue to grow at a rapid rate globally.

More reading

• Is the Afterpay (ASX:APT) share price in the buy zone after its update?
• 650,000 Aussies sign up for Afterpay (ASX:APT) Mastercard
• Why Accent, Bank of Queensland, Freelancer, & Zip shares are pushing higher
• Afterpay (ASX:APT) share price: Is a US listing a game changer?
• ASX 200 down 0.4%: Afterpay delivers stellar Q3 growth, Rio Tinto Q1 update

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BETANASDAQ ETF UNITS and ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended BETANASDAQ ETF UNITS. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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An Australian fintech is allowing any person to receive their wages or salary in Bitcoin (CRYPTO: BTC).

A privately held startup named Living Room of Satoshi has this week launched its Wages service.

To use the feature, the user simply has to instruct their employer to pay their wages into a Living Room of Satoshi account — as opposed to a bank account.

The cryptocurrency facilitator will then convert a percentage of the wages into Bitcoin and deposit the rest into the user’s bank account.

This is the easiest way to build up a cryptocurrency balance, according to Living Room of Satoshi chief executive Daniel Alexiuc.

“Bitcoin has seen its price rise astronomically in the last 6 months, which has triggered an unprecedented buy-in from institutional investors,” he said.

“We wanted to provide an option for regular folks in Australia to also join this burgeoning ecosystem — and the simplest and most pain-free way is to have a small percentage of your wage converted and sent to you when you get paid.”

The Bitcoin price has risen from about $36,000 at the start of the year to now more than $70,000.

What is Living Room of Satoshi?

Living Room of Satoshi is named after the pseudonym for the anonymous founder of Bitcoin, Satoshi Nakamoto.

The 7-year-old service allows Australians to pay any bill, bank account or credit card using cryptocurrencies. The app also allows Bitcoin purchases.

“We like to imagine that when Satoshi has a bill to pay, he kicks back at the end of the day and pays it in his living room. Hence ‘Living Room of Satoshi’!” states the company website.

The fintech holds its own Australian Financial Services licence.

Living Room of Satoshi is not the only company to allow Australians to receive their wages in cryptocurrency. Fintech getpaidinbitcoin.com.au specifically exists for that purpose.

While Living Room of Satoshi charges a 4.9% conversion fee excluding GST, getpaidinbitcoin.com.au slugs $1 per transaction.

More reading

• ASX 200 Weekly Wrap: ASX 200 hits new post-COVID high
• Forget the Bitcoin price, the Dogecoin price is on fire!
• Do you think the Bitcoin price is a bubble? Read this
• Why Cryptocurrency stocks like Marathon Digital and Riot Blockchain crashed Today
• Cathie Wood ARK funds buy 750,000 Coinbase shares after IPO

Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Anteotech Ltd (ASX: ADO) share price is one the best performing shares on the ASX today, topping the All Ordinaries Index (ASX: XAO) and besting every share in the S&P/ASX 200 Index (ASX: XJO). At the time of writing, Anteotech shares are up a very robust 13.11% to 34 cents a share after opening at 20 cents this morning.

It’s been an incredible few months for Anteotech, as well as an incredible year. Over the past month alone, Anteotech is up 38%. Year to date in 2021 so far, investors have enjoyed gains of roughly 213%. And over the past 12 months, Anteotech shares have risen a mind-boggling 1,625%. Want one better? Since November 2019, Anteotech is up 3,350%. Enough said.

So who is this company? And why are Anteotech shares rocketing today?

Anteo-who?

Anteotech is a tech company that specialises in ‘surface management technology’. It has two flagship products: AnteoBind and AnteoCoat. AnteoBind is a glue of sorts that has a myriad of biomedical uses, including more recently the management of COVID-19. AnteoCoat uses a similar sort of technology but employs it in the energy space. This is most prominent in battery manufacturing. With this technology, Anteotech aims to increase the charge capacity of rechargeable batteries, as well as reducing size, weight and costs in battery manufacturing.

Anteotech has a range of patents that apply to its technology, which it hopes to use for future growth.

Why are Anteotech shares topping the ASX today?

It’s not entirely clear why Anteotech shares are rocketing today. There has been no major news or announcements out of the company this week.

However, there have been a number of positive developments recently that are likely to be feeding into Anteotech share price today.

Back on 9 April, Anteotech shares jumped 9% on news of a new contract. Under the arrangement, Anteotech will be providing silicon composite for the Super Anode Project, run by the Future Battery Industries Cooperation Research Centre. As my Fool colleague Brooke reported at the time, the company is set to spend roughly $500,000 on the project. In exchange, it will receive some intellectual property rights on any technological developments or breakthroughs.

Further, on 12 April, Anteotech announced that European regulators have given its EuGeni COVID-19 rapid diagnostic test the tick of approval for sale in the European Union and the United Kingdom. That announcement sent Anteotech shares up another 8% at the time.

That was the last major update we got from the company. Saing that, ASX data shows that there has been a significant uptick in the volume of Anteotech shares traded today, which is inevitable from a share price jump like what we’ve seen. 11.4 million shares have traded today so far, significantly above the 5.2 million that swapped hands yesterday. We could be seeing some large institutional buying today, or just some good old fashioned momentum.

Either way, Anteotech investors are probably a very happy bunch right now. At the current share price, Anteotech has a market capitalisation of $636.4 million.

More reading

• Why the Magellan (ASX:MFG) share price has lost its magic
• ASX 200 down 0.4%: Afterpay delivers stellar Q3 growth, Rio Tinto Q1 update
• The Stockland (ASX:SGP) share price is down this morning. Here’s why
• The latest 3 ASX shares leading brokers are urging you to buy now
• ASX miners in focus as the copper price looks poised to crack above 10-year highs

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Afterpay Ltd (ASX: APT) share price has been a disappointing performer on Tuesday despite the release of a strong third quarter update.

In afternoon trade the payments company’s shares are down 1% to $124.87.

What did Afterpay report?

Afterpay continued its meteoric rise during the third quarter of FY 2021.

It reported a strong operating performance across all regions with underlying sales rising 104% over the prior corresponding period to $5.2 billion.

This was driven by a 75% increase in active customers globally to 14.6 million and increasing customer frequency across all regions. In respect to the latter, the top 10% of customers globally on average now transact 33 times per year.

Once again, the US business was arguably the star performer during the period. It reported a 211% increase in underlying sales to $2.6 billion. This means the North America region is now the largest contributor to underlying sales.

This was supported by a 48% increase in underlying sales in the ANZ market and a 246% jump in underlying sales in the UK market.

Afterpay shares get a US listing

Also catching the eye was news that there may soon be an Afterpay share price quoted on the US share market.

Management advised that it is doing this as the US is now the largest contributor and is expected to continue growing strongly.

In addition, its shareholder base is increasingly becoming more globally focused. It feels a US listing would further accommodate this growing interest.

Where next for the Afterpay share price?

 A number of brokers have responded to Afterpay’s quarterly results with quick updates.

Ord Minnett was pleased with the company’s performance and notes that underlying sales and active customer numbers were higher than it expected. It was also happy to see the company announce a launch into Germany in FY 2022.

Ord Minnett is reviewing its buy rating and $150.00 price target. If it holds firm, its price target implies potential upside of 20% over the next 12 months.

Elsewhere, according to note out of RBC Capital, Afterpay fell a touch short of expectations during the quarter. Though, it believes the company can still achieve its second half expectations. It has an outperform rating and $150.00 price target at present.

A note out of Macquarie reveals that Afterpay performed in line with its expectations. It also spoke positively about the US listing, which it believes will provide a large capital base and competitive advantages.

However, the broker isn’t currently in a rush to invest. It has a neutral rating and $120.00 price target on its shares.

More reading

• 650,000 Aussies sign up for Afterpay (ASX:APT) Mastercard
• Why Accent, Bank of Queensland, Freelancer, & Zip shares are pushing higher
• Afterpay (ASX:APT) share price: Is a US listing a game changer?
• ASX 200 down 0.4%: Afterpay delivers stellar Q3 growth, Rio Tinto Q1 update
• Declining birth rates could threaten the A2 Milk (ASX:A2M) share price

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Meridian Energy Ltd (ASX: MEZ) shares are tanking today. At the time of writing, the Meridian share price is trading at $5.30 – down 3.99%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is down 0.77%.

During earlier trade, Meridian shares fell by as much as 7.6% before recovering to their current levels. The slump comes after a large sell-off of the New Zealand energy provider’s shares by private equity firm BlackRock Inc.

Let’s take a closer look at why the company’s shares are in the red.

Background

Meridian Energy is New Zealand’s largest electricity generator, operating hydro stations and wind farms in New Zealand and Australia. It is majority-owned by the government of New Zealand.

All of its energy is generated through renewable energy sources, including 90% via hydropower. The company is dual-listed on both the ASX and the NZX.

What’s dragging the Meridian share price?

The Meridian share price is on the slide today after the company provided an update to the ASX. In the update, Meridian declared BlackRock is selling 53% of its stake in the company or roughly 96 million shares.

Any large influx of shares onto the open market is likely going to drag on the price of the stock. That’s because supply of the stock will likely outweigh demand for it at its higher price. In economics, this is known as the law of supply and demand.

According to the Financial Times, BlackRock was forced into today’s actions because of an influx of investments in its clean energy exchange-traded fund (ETF) iShares Global Clean Energy ETF (NASDAQ: ICLN). The underlying index that calibrates the ETF is comprised of only 30 companies. Investments in the ETF, and its European equivalent, grew by 1,321% to US$10.8 billion from the start of 2020 to now. The massive cash inflows into the ETF saw the fund’s stake in companies like Meridian and Contact Energy Ltd (ASX: CEN) grow to potentially controlling levels. Before today’s sell-off, BlackRock owned 7.1% of shares in Meridian.

The S&P Global Clean Energy Index (SP: SPGTCLEN) was reweighted to include more companies to counteract the concentration problems that were foreseen. Meridian went from 4.5% weighting in the old index to just over 0.7% in the newly calibrated one.

Meridian share price snapshot

Over the past 12 months, the Meridian share price has increased by 24.71%. Its share price, however, is around 43% lower than its all-time high of $9.33. The record was achieved in early January when President-elect Joe Biden’s Democratic party won both Senate seats in the state of Georgia and thus control of the upper chamber. Investors saw the news as a boon for green energy companies.

More reading

• Is the Afterpay (ASX:APT) share price in the buy zone after its update?
• Why the QEM (ASX:QEM) share price catapulted 37% today
• Why Coca-Cola Amatil (ASX:CCL) shares days are numbered
• Why has the Lithium Australia (ASX:LIT) share price plunged 7% today?
• Kingwest (ASX:KWR) share price finally rising on gold drilling success

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The QEM Ltd (ASX: QEM) share price powered up today on news of a new project management specialist for the company’s green hydrogen development.

At the time of writing, the QEM share price has gained a huge 37%. Shares in the exploration and development company are currently swapping hands for 24 cents. 

Let’s take a closer look at the announcement made by the company this morning.

New project management 

Today’s gains for the QEM share price come after the company shared that it has signed an execution strategy agreement with the project management consultant Siecap.

The agreement will see the Brisbane-based consultancy company assume a project management role at QEM.

It will manage execution strategies for mining, extracting, processing, and the Julia Creek project, where QEM will be exporting vanadium pentoxide and transport fuels as well as green hydrogen. 

Siecap will also be responsible for grants coordination. Previously, QEM has stated its Julia Creek project could be eligible for a number of grants. These include the $2.47 billion Northern Australian Infrastructure Facility and the $24 million Queensland Hydrogen Industry Strategy funding commitment.

In its release, the company stated that Siecap could be working to support the progressing of Julia Creek’s pre-feasibility study in the future.

Commentary from management

QEM’s managing director Gavin Loyden commented on the agreement, stating it will strengthen the company’s future plans.

With the continued progression of our Julia Creek vanadium and oil shale project and green hydrogen strategy, this Agreement will streamline our broader business strategy to drive these two intertwined developments forward as efficiently as possible,

Siecap has a deep knowledge of the sector and policy environment QEM operates in, making them the optimal choice to assist us in successfully executing this.

QEM share price snapshot

The QEM share price rose dramatically when the company announced its green hydrogen strategy in March, and it’s been performing well since.

Currently, the QEM share price is up 161% year to date. It’s also up by 235% over the last 12 months.

The company has a market capitalisation of around $23 million, with approximately 100 million shares outstanding.

More reading

• Here’s why the QEM (ASX:QEM) share price is climbing today
• The QEM (ASX:QEM) share price is up 15% today, 55% in a week

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Coca-Cola Amatil Ltd (ASX: CCL) shares’ days on the ASX are numbered after the Aussie bottling company provided an update on its proposed takeover.

Why are Coca-Cola Amatil shares on watch?

Coca-Cola this afternoon provided an update on the proposed takeover by Coca-Cola European Partners PLC (NYSE: CCEP). Importantly, the Supreme Court of New South Wales has today made orders approving the Scheme of Arrangement for CCEP to acquire all Coca-Cola Amatil shares.

The Aussie company will lodge an office copy of the Court orders with the Australian Securities and Investments Commission (ASIC). Shareholders will receive $13.32 cash per share once the Scheme becomes legally effective. The final cash payment is due on the Scheme’s Implementation Date, currently slated for 10 May 2021.

Shareholders will receive the fully franked final dividend of $0.18 per share as announced on 18 February 2021 for shares held at yesterday’s record date.

Today’s news means CCEP can finally acquire Coca-Cola Amatil shares. Tomorrow’s market close will see the company’s shares suspended from trading.

What are the details of the takeover?

Coca-Cola Amatil shares have surged higher in 2021 on the back of takeover developments. CCEP issued a best and final offer to acquire the company for $13.50 per share, or $9.8 billion, in mid-February. That comprises both the $13.32 cash payment and $0.18 per share dividend payment.

That came after several months of pressure on the European group to up its offer from a variety of stakeholders. CCEP ultimately upped its offer on the back of stronger trading conditions for the business in Australia and New Zealand.

Coca-Cola Amatil shares have remained largely unchanged this afternoon. That’s largely thanks to these approvals being a formality and already priced in. That means tomorrow is set to be the final trading day for the Aussie bottling company. It brings to a close a long chapter for the group that listed in 1970 and became Allied Manufacturing and Trade Industries Limited (AMATIL) in 1977.

More reading

• 5 things to watch on the ASX 200 on Monday
• Why the Redbubble (ASX:RBL) share price could charge higher today
• Coca-Cola Amatil (ASX:CCL) share price slides as shareholders vote
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Lithium Australia NL (ASX: LIT) share price is sinking today after the company provided updated plans ahead of its joint venture partner’s initial public offering (IPO).

At the time of writing, the Lithium Australia share price is down 7.6%, swapping hands for 12 cents.

Let’s look closer at the news Lithium Australia shared today.

Shifting assets

Today, Lithium Australia reiterated its offer for its joint venture partner, Charger Metals NL, to purchase 70% of a number of its projects ahead of Charger’s ASX debut.

Lithium Australia plans to keep a hold of the projects by assuming the role of Chargers’ majority shareholder after its IPO.

The offer was first made public in December 2021, though it wasn’t met with any particular reaction from the company’s share price at the time. Unfortunately, this time, the Lithium Australia share price hasn’t responded positively to the plan.

Lithium Australia states its shareholders will be offered a priority allocation in the Charger IPO, worth around $500,000. 

There are 3 projects in contestation due to Chargers’ planned IPO. Lithium Australia has given Charger until 4 September 2021 to acquire 70% of their joint venture projects. These include:

• the Coates project – situated in the highly prospective Western Yilgarn nickel, copper, and platinum group elements belt, it’s close to Chalice Mining Ltd‘s (ASX: CHN) Julimar discovery. Lithium Australia states the Coates project exhibits similar geology to the Julimar discovery.

• The Lake Johnston project – positioned near Southern Cross in Western Australia. It’s prospective for lithium, gold and nickel.
• the Bynoe project – located near Darwin, the Bynoe project is prospective for lithium and gold.

If Charger agrees, it will provide Lithium Australia with 9.6 million fully paid ordinary shares in Charger, as well as paying $100,000 to reimburse the projects’ costs thus far. 

Charger will also pay Lithium Australia’s joint-venture expenditure share until it receives a receipt of the definitive feasibility study.

This cost to Charger will increase by $200,000 or 2 million shares if the projects’ resources increase significantly.

Lithium Australia have stated, for the extra charges to be applied, the resources would have to increase to equal or more than the follow amounts:

• over 10,000 tonnes of nickel equivalent
• 10 megatons of equal or greater than 1.2% lithium oxide
• or, 100,000 ounces of gold equivalent at equal or more than 2 grams per tonne.

Commentary from management

Lithium Australia’s managing director Adrian Griffin commented on the proposed arrangements:

The Company retains significant exposure to battery minerals and potential supply solutions while maintaining a focus on its core business – that of ensuring an ethical and sustainable supply of energy metals to the battery industry via the creation of a circular battery economy.

Lithium Australia share price snapshot

While today hasn’t been a good day for the Lithium Australia share price, it’s been performing well this year.

Currently, the Lithium Australia share price is up 100% year to date. It’s also up by 140% over the last 12 months.

The company has a market capitalisation of around $117 million, with approximately 901 million shares outstanding.

More reading

• Chalice (ASX:CHN) share price rises after latest update
• Why the Lithium Australia (ASX:LIT) share price is surging 7%
• Why the Chalice Mining (ASX:CHN) share price has grown 51% in a month

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Kingwest Resources Ltd (ASX: KWR) share price is rising today after the company reported extensional drilling success in its Menzies Gold Project (MGP).

At the time of writing, the Kingwest share price is up 3.85% to 14 cents per share.

Kingwest is engaged in the acquisition and exploration of resource projects. Currently, it is focused on gold exploration in the eastern goldfields region of Western Australia. Additionally, the company’s projects include its MGP and Goongarrie Project.

Kingwest’s Menzies gold project 

Extensional and infill drilling at Menzies included high-grade intersections of four metres at 7.7 g/t and three metres at 13.0 g/t. Kingwest’s extensional drilling also continues to intersect high-grade gold deposits outside of the company’s optimised pits.

All of Kingwest’s composite drill results have now been received for drilling completed in 2021. The Kingwest share price has been relatively flat lately. However, most of the results have been positive. In particular, for future exploration potential and recurring cost savings.

Menzies is one of Western Australia’s major historic goldfields. It is located 130km north of the globally significant gold deposits of Kalgoorlie. The Menzies project covers a contiguous land package over a strike length (drilling area) in excess of 15km.

Within the MGP a series of structurally controlled high-grade gold deposits have been historically mined. According to Kingwest, these also display extensive exploration potential for high-grade extensions. Modern exploration since the site’s initial closure over 20 years ago has been limited.

What Kingwest management said

Kingwest CEO, Ed Turner welcomed the results, saying:

These high-grade results, including hits outside of the Scoping Study optimised open pit shells, give us great confidence that high grade underground resources can and will be proven up with additional deeper drilling.

When additional drilling is integrated into future reoptimised pits there’s also a good chance of the pits being extended at depth and along
strike.

Kingwest share price snapshot

The Kingwest share price has jumped 8% this week but is an outlier among its basic materials sector, declining 20% in 2021 to date and 1% over the past 12 months.

That leaves it down more than 40% against its broader industry sector.

More reading

• 650,000 Aussies sign up for Afterpay (ASX:APT) Mastercard
• Why Altium, Challenger, Lynas, & Sydney Airport shares are sinking
• Why the Challenger Exploration (ASX:CEL) share price is on the move
• Laybuy (ASX:LBY) share price slides on Q4 trading update
• Why the Telstra (ASX:TLS) share price is a buy today

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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More than 650,000 Australians signed up in just 3 weeks for Afterpay Ltd (ASX: APT)’s new contactless Mastercard (NYSE: MA). 

The buy now, pay later provider revealed the rapid take-up during its quarterly business update to the ASX on Tuesday morning.

Named Afterpay Card, the concept installs a virtual Mastercard in Google Pay or Apple Wallet. That enables users to just make a contactless swipe to purchase an item through Afterpay’s instalment scheme — the same as using a credit card.

The service was first launched in the US, where 3.5 million people had already set it up by the end of last month. Afterpay Card was then released in Australia on 28 March.

“In the first three weeks of April, more than 650,000 Australian customers have set up their Afterpay Card,” stated the company.

“In-store [activity] is expected to further accelerate following the launch of the Afterpay Card in Australia.”

Afterpay shares are down 0.72% on Tuesday afternoon, to trade at $125.29. They were $29 exactly a year ago.

Afterpay bank accounts coming soon

Afterpay Money is a smartphone app that will offer transaction and savings bank accounts to complement the company’s buy now, pay later service.

While the fintech doesn’t own a banking licence, it was the first partner to sign on to Westpac Banking Corp (ASX: WBC)’s banking-as-a-service platform last October. 

The quarterly update suggested that the planned launch of Afterpay Money in the second half of this calendar year was on track.

“An internal pilot team is currently working on a skeleton app in production with functioning deposit and savings accounts, with iterative prototype testing continuing with customers ahead of launch.”

Afterpay had a smooth quarter ending 31 March, increasing year-on-year underlying sales in all regions to the tune of 104%.

Active user numbers were up 75% from a year ago, to go from 8.4 million to now 14.6 million. North America is now the biggest contributor to underlying sales, overtaking the business’ country of origin.

The company’s European brand Clearpay was launched in Spain, France and Italy during the quarter.

More reading

• Why Accent, Bank of Queensland, Freelancer, & Zip shares are pushing higher
• Westpac (ASX:WBC) reports ‘extraordinary’ Australian consumer confidence
• Treasurer outlines federal budget focus as IMF upgrades Australian outlook
• Afterpay (ASX:APT) share price: Is a US listing a game changer?
• NAB (ASX:NAB) chair signals ‘rational’ responses to curb booming housing market

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Tony Yoo owns shares of AFTERPAY T FPO and Alphabet (A shares). The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Apple, and Mastercard and recommends the following options: short March 2023 $130 calls on Apple and long March 2023 $120 calls on Apple. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Apple, and Mastercard. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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