3 ASX shares I think could be the next Afterpay (ASX:APT)

The next Afterpay share price could already be listed on the ASX. Here are some exciting growth shares that I think have huge potential.

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French poet Victor Hugo famously said; "Nothing is more powerful than an idea whose time has come." I believe this applies precisely to what has happened to Afterpay Ltd (ASX: APT) shares over the past year. Since the market low point on 23 March, the Afterpay share price has grown over 960%. To be sure, it is an amazing run. Nonetheless, for investors trying to find the next Afterpay, I feel there are plenty of potential choices.

The following 4 ASX shares are all companies that have enjoyed significant growth this year. One of them may turn out to be the next Afterpay, but for others it may still be too early to tell.

Criteria for the next Afterpay

I believe Afterpay meets a few criteria that has enabled it to become such an explosive ASX share. 

First and foremost, it is pioneering a new field of commerce. In particular, it is disrupting the credit card model and modernising the layby model. Second, it meets a burning need. In this case, the need is a lack of disposable cash, an issue I feel relates to growing inequality. Third, it is a repeat mass consumer product.

Last, and for me the most interesting, is the strength and style of management. The Afterpay company founders are currently blitzkrieging the world in a land grab to establish leadership in important markets like the United Kingdom, the United States and Europe. So, on that note, here are 4 ASX shares I investigated as possibly becoming the next Afterpay.

Harvest Technology Group Ltd (ASX: HTG)

This company has developed a range of products to enable secure communications for enriched and real time data, requiring significantly less bandwidth. The technology is industry agnostic and is adaptable for remote workers as well as to sensors, video feeds, and many other applications. Under the company's new chair, this was the first time it had achieved annual revenues in excess of $10 million.

Since 23 March, the Harvest Technology share price has risen 275%. I believe the company is definitely filling a need and has uncompromising, experienced management. However, I still don't think it exactly qualifies as the next Afterpay.

Vection Technologies Ltd (ASX: VR1)

This company has built a technology, FrameS, that allows people to engage with 3-dimensional models in virtual reality. It takes previously created models from software such as CAD or others and provides an immersive experience for up to six remote users. Applications include interior design, design review of industrial projects, exhibiting products remotely, and even training.

Since 23 March, the Vection share price has risen 750%. Again, this company is filling a need and, to me, appears to be a front runner as another possible Afterpay . 

MyFiziq Ltd (ASX: MYQ)

This ASX share has been one of the great success stories of the year. The MyFiziq share price has risen by 1,568.75% since 23 March. An investment here at the low point in the market would have returned far more than an investment in Afterpay at the same time. 

The company has built a technology that accurately measures body circumferences from photos. Integrating with partner apps, it is already revolutionising the online clothes shopping sector by helping to eliminate or reduce the incidence of returns. Further applications include evaluation of diet and exercise results, as well as body fat percentage calculations.

Foolish takeaway

Although I believe all of these small caps are worthy growth shares, I feel MyFiziq has the highest potential of becoming the next Afterpay. This is primarily due to the current existing demand and potential for repeat, mass consumer use.

Motley Fool contributor Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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