Afterpay launches a new “Buy Now, Pay Later” (BNPL) subscription solution in the United States, giving consumers the ability to pay for their favorite recurring purchases in installments.
Merchants including IPSY, BoxyCharm, Savage X Fenty, and Fabletics will be among the first to offer Afterpay’s new subscription payments solution, which will be available to shoppers early next year.
Market research by UBS predicts subscription payments will grow to be a $1.5 trillion industry by 2025 and are generating significant value for brands and merchants globally.
Through this new service, qualified merchant partners could offer Afterpay for popular, everyday payment needs such as gym memberships, entertainment subscriptions, online services, and more.
Afterpay also accommodates virtually any merchant’s billing cycle for a hassle-free checkout or auto-renewal process for consumers.
“By offering customers the option to pay for subscriptions with Afterpay, we’re not only giving consumers flexibility to pay for more expensive monthly costs, but we’re also helping our merchant partners capture a wider consumer base through this convenient experience. As more retailers expand into the world of subscriptions, Afterpay is more than ready to answer the call for both customers and merchants.”Zahir Khoja, General Manager of North America for Afterpay
Afterpay’s subscriptions will be available to consumers across online platforms in the US and Australia by early 2022. The company plans to extend this feature for in-store purchases and expand it to other countries including Canada, New Zealand, the UK, and Europe.
Afterpay Now Available For Pre-Orders
And, starting today, merchants can also offer their customers Afterpay’s BNPL flexible payment solution on preordered items.
This service enhancement supports merchants with longer lead shipping times and gives buyers the flexibility to pay for pre-ordered items in four installments over time, once the item ships. Afterpay plans to add more flexibility to this service soon by allowing merchants to take deposits on custom items as well.
These service enhancements follow Afterpay’s recent announcement that shoppers can also offset the carbon footprint of their purchases through the payments platform. Another unique offering by Afterpay as it continues to innovate in the BNPL payments space.
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