PLAY is a collaboration with LayAway Travel. It is a separate entity to Afterpay and is owned by LayAway Travel.
PLAY builds upon LayAway Travel’s established travel product and payment model, but it’s a new service offering different packages tailored to Afterpay’s customer base (and being made available to Afterpay customers).
PLAY’s payment model is different to Afterpay’s because holidays are very different to the products Afterpay usually offers.
For one, their values are higher, which means instalment periods need to be longer and more flexible.
PLAY enables customers to spread the cost of their holiday across instalments and pay in full prior to their departure date. This is a reverse of the traditional Afterpay approach and sees you pay before you go, not when you come back. It’s effectively layby in the traditional sense.
This means that, in line with a traditional layby model, no funds are advanced to customers, and all payments made by PLAY to providers on a customer’s behalf come from funds contributed via instalments by the customer themselves.
PLAY payments can be made weekly or fortnightly over 2-to 12-months. Afterpay repayments are fortnightly over 6- to 8-weeks.
PLAY holiday packages range in price, but because of their nature some are over $2,000.
Like Afterpay, you can make early payments manually via your PLAY account.
Another key difference is that holidays are made up of different parts – tickets plus accommodation plus experiences – they aren’t just a single item to be purchased.
This means that things like pricing, administration costs and refunds need to be different to Afterpay’s existing model and more in line with the travel industry.