Square Inc., financial services firm run by Twitter Inc., is hoping to purchase an Australian fintech company, Afterpay for a price of $ 29 billion in an all stock-deal. The former intends to induce the latter into its already existing Seller and Cash app business units to give power to every merchant big or small to offer BNPL at checkout.

This not only allows Cash App consumers to directly manage their payments through Cash App, but it also presents merchants and BNPL directly within the latter’s app to its consumers.

The merger and acquisition, slated to be completed by the first quarter of next year, will be exclusively available through stock exchanges and this is predicted to leave Afterpay with a valuation of $29 billion.

Therefore, Afterpay’s Co-founders Anthony Eisen and Nick Molna, believe that this transaction will go down as a remarkable recognition in the Australian technology sector, while homegrown innovation continues to be shared to most parts of the world.

Once the deal is set, there will be a 30 percent premium offered on Afterpay’s share price and the shareholders will be allotted 18.5 percent of the new company’s capital.

The acquisition is said to not only strengthen companies to deliver enticing financial products and services to more people but generate additional revenue to merchants of any size as well.

Alyssa Henry, head of Square Seller’s business remarked that “Buy now, pay later has been so powerful in the growth of sellers across the globe”.

On another note, Square had decided to save bitcoin cryptocurrency in a secure manner, by working on real-world wallets. These wallets are claimed to hold digital currencies offline, and then connect with apps for online transactions.

If that wasn’t enough, the Twitter-run firm has a virtual wallet that allows third parties to deposit their money and use passwords to access funds.

The reason for this is that Dorsey feels that bitcoin is a currency for the masses and they should be given ways to access the cryptocurrency, excluding the entrustment over it to outside parties.

Jack Dorsey, Co-founder and CEO, Square feels that the bitcoin wallet should be readily accessible for shopping through smartphone payment methods, while the rest of the cryptocurrencies are protected.

Square and Afterpay share a similar purpose and we built our business to make our financial system more fair, accessible and inclusive”, says Dorsey.