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October 14, 2020

Afterpay in-store BNPL service becomes available across US

Afterpay is now making its in-store buy now, pay later (BNPL) solution available at major retailers across the US.

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.

Retailers providing Afterpay’s service in the US include Forever 21, Finish Line, JD Sports, Levi’s, Skechers, Fresh, APL, Solstice Sunglasses, and some DSW stores.

These stores will now enable their customers to make in-store purchases at interest-free instalments.

To do this, customers need to tap on the card icon in the Afterpay app to activate the Afterpay card in the wallet and then make Apple Pay or Google Pay transactions.

Afterpay co-founder and CEO of North America Nick Molnar said: “Just in time for the holiday shopping season, we are thrilled to roll out our in-store capabilities to all customers in the U.S. – making paying in-store more convenient, secure and contactless.

“Afterpay customers can now choose either physical or online shopping to buy holiday gifts – which brings new customers and drives more sales conversion to retailers without any additional set-up or integration costs.”

In 2016, Afterpay first started providing the in-store offering in Australia and New Zealand.

The firm piloted the solution in select locations in the US earlier this year before the broder roll-out.

Afterpay revealed that its customers who do both online as well as in-store shopping spend 15-20% more every transaction compared to online-only shoppers, and also do shopping 66% more frequently.

Afterpay in the news in 2020

A recent report said that Afterpay is eyeing expansion in Asia and considering the acquisition of Singapore-based BNPL firm EmpatKali.

In August this year, Afterpay announced the takeover of Spanish peer Pagantis from NBQ Corporate.

This July, Afterpay collaborated with Google Pay to expand its flagship BNPL service.

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

Meanwhile, in May, Tencent picked a 5% stake in Afterpay.

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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