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Buy Now, Pay Later (BNPL) firm Afterpay has teamed up with payments platform Adyen to offer its installment payments to retailers around the world, according to a press release.
Adyen merchants can now offer Afterpay’s pay-in-four installment service to customers in the United States, the U.K., Canada, Australia and New Zealand. British footwear brand Hunter is the first retailer to add Afterpay with Adyen.
“By offering Afterpay through Adyen, we were able to implement this new payment method quickly and effectively to offer a seamless checkout experience. The ability to split payments really helps to make higher price point items accessible to our customers,” said Bryony Longden, senior eCommerce manager for Hunter, in the press release.
Its been ecently reported that by making payments flexible, BNPL can spur sales growth for high-priced, and even luxury, items. Nick Molnar, U.S. CEO and co-founder of Afterpay,said that many of the firm’s luxury brands have seen over 50 percent new consumers when they add Afterpay to their offerings.
“Flexible payment options, like buy now, pay later, have become a powerful tool for luxury retailers to attract new customers during the economic slowdown. With BNPL, consumers are able to [make] bite-sized payments with their own money to gain access to higher-end items that they may have previously considered out of reach,” he said.
Hunter consumers can now select Afterpay or Clearpay in the U.K. at checkout and pay for their purchases in four, interest-free installment payments. Afterpay currently counts 1.6 million shoppers in the U.K., out of its 13 million global users, according to the release.
“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,” said Ben Pressley, Afterpay’s senior vice president of global sales strategy and operations, in the release.
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