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July 15, 2020

Afterpay partners Google Pay to expand ‘Buy Now, Pay Later’ service

Afterpay has entered into a partnership with Google Pay to expand its flagship ‘Buy Now, Pay Later’ (BNPL) service.

Free Report
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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

The move will enable Afterpay customers paying with Google Pay avail BNPL service for purchases made at US physical retail stores.

To avail the service, the customers using the Afterpay app by tapping their Android phone at the POS terminal.

Subsequently, the customers can repay the amount in four instalments. The service will not charge any interest on timely payments.

Afterpay co-founder and US CEO Nick Molnar said: “As shoppers return to main street, we are more committed than ever to support their business needs.

“Afterpay and Google Pay give shoppers the ability to choose either physical or online shopping while still being able to budget their own money and avoid expensive loans, interest and fees – which has shown to attract new customers and drive more sales conversion for our retail partners.”

Retailers such as Forever21, Fresh and Solstice Sunglasses are scheduled to rollout Afterpay at their stores from this month.

The BNPL service is said to increase sales as it allows customers to shop without incurring debt or interest.

According to the company, retailers offering Afterpay record an average increased conversion of around 22%.

Currently, Afterpay is available in Australia, New Zealand, the US and the UK. In May, Tencent acquired a 5% stake in this Australian firm.

 

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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