Afterpay (ASX:APT) share price sinks despite new product launch

The Afterpay Ltd (ASX: APT) share price is 3.48% lower today. At the time of writing, shares in the buy now, pay later (BNPL) provider are trading for $102.20.

Today’s negative movement comes at the same time as the company launches its new offering for in-store purchases – Afterpay Card.

For comparative purposes the S&P/ASX 200 Index (ASX: XJO) is down 0.24%. BNPL competitor Zip Co Ltd (ASX: Z1P) is down 4.58% to $7.40.

Let’s take a closer look at the company’s announcement.

Afterpay Card

Afterpay Card is a digital offering customers can access using their mobile wallets, much like a credit or debit card.

Afterpay users will be able…