Commonwealth Bank Joins Buy Now, Pay Later Market With StepPay

People walk past a branch of the Commonwealth Bank of Australia (CBA) branch in Melbourne, Australia, on Aug. 11, 2021. William West/AFP via Getty Images

Commonwealth Bank of Australia (CBA) has announced it will launch its own buy now, pay later (BNPL) platform, StepPay.

StepPay will be competing with other BNPL platforms like AfterPay, which signed a historic $39 billion acquisition deal with American company Square on Aug. 3.