Flexible payments service provider Afterpay has partnered with payment processor Adyen to offer Afterpay’s leading “Buy Now, Pay Later” (BNPL) service to retailers on the Adyen payments platform.
With Afterpay, retailers attract a growing segment of the population who prefer to pay without incurring traditional credit-style debt, interest, or fees. The service is especially popular with younger shoppers, with Millennials and Gen Z representing the majority of Afterpay customers.
The service is completely free for consumers who pay on time, and the company now has more than 13 million customers globally.
For this reason, many retailers offering Afterpay see an average increase in conversion of approximately 22% – as well as increased basket size, higher customer satisfaction, and repeat customers. Around 90% of Afterpay transactions are made with debit cards.
“BNPL has changed the retail industry – as young shoppers prefer to use their own money to buy items they need and want – instead of using credit cards which often lead to revolving debt with interest and fees.”Ben Pressley, SVP of Global Sales Strategy and Operations at Afterpay
Merchants of Adyen can offer Afterpay in the UK, the United States, Canada, Australia and New Zealand to their customers. In the UK, Afterpay is known as Clearpay.
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