Afterpay, the leader in “Buy Now, Pay Later” (BNPL) payments, announced today that it has partnered with leading retailers, including Nordstrom, Calvin Klein, and Tommy Hilfiger. Nordstrom has already started to offer Afterpay both online and in their retail stores – allowing consumers to shop and pay using a powerful budgeting tool.
Over the past decade, economic uncertainty has shifted financial behavior among Gen Z and Millennials, as these younger consumers become increasingly credit averse – favoring debit over credit card use. Because the BNPL service allows shoppers to use their own money and pay over time, it has become a preferred way to pay, with spending up 230% since 2020.
Afterpay Appealing To The Younger Buying Audience
As these younger generations mature and their spending power grows, merchant partners can tap into their core demographic of highly-engaged, young consumers. Brands can also benefit from additional exposure through the Shopping App, which refers more than one million shoppers per day to their online and physical stores.
“We are constantly evolving to enhance the customer experience both in-store and online at Nordstrom and Nordstrom Rack. This includes offering flexible payment options to meet customer needs,”
“We have heard from our customers that buy now, pay later programs to resonate with them and are excited to partner with Afterpay to make these options available to them.”Dennis Bauer, President of Payments and Credit, Nordstrom.
“With inflation at a 40-year high, it’s more important than ever that consumers have access to a flexible payment option for the things they need and want in their life,”
“Afterpay allows consumers to safely shop and pay in a responsible way, while also allowing brands to reach highly engaged shoppers who often become repeat customers.”Zahir Khoja, General Manager of North America, Afterpay.
Nordstrom, Calvin Klein, and Tommy Hilfiger will join Afterpay’s growing network of 100,000 global retailers, providing customers with the ability to receive items immediately while paying over time.
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