View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 5, 2020

APEXX Global to process payments for online fashion retailer ASOS

UK-based payments-as-a-service (PaaS) platform APEXX Global has entered into an agreement to become the payment processor for online fashion retailer ASOS.

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.

Under this partnership, APEXX will provide a ‘Payments Orchestration Layer’ across many European markets of ASOS, thereby managing the authorisation, processing and optimisation of transactions.

Initially, the payments platform will process cards and alternative payment methods for ASOS customers in Europe.

Plans are also on for support in international markets, which contribute to more than 60% of ASOS’ sales.

ASOS head of Payments Brent Hobson said: “With our growing international footprint, it is increasingly important for ASOS to offer our customers their preferred payment methods and currencies, and for us to optimise our international payments in a way that makes sense for our business.

“We are looking forwarding to working with APEXX as a Payment Orchestration Layer in this space, and to building out our partnership in the coming months.”

APEXX maximises payments authorisation rates via local processing. Simultaneously, it also helps reduce the cost of acceptance using its intelligent transaction routing engine.

It partners with local banks to evade cross-border fees, while attracting cheaper domestic rates from Visa and Mastercard.

Additionally, these banks provide customers with access to payment schemes like the French Carte Bancaire, China UnionPay, and the Russian Mir Scheme.

Commenting on the partnership, APEXX co-founder and MD Rodney Bain said: “ASOS’ confidence in us demonstrates the value that the APEXX platform and its best-in-class international payments optimisation capability can bring to online payments.

“We look forward to rolling out additional projects internationally and domestically with ASOS in the coming months as our partnership evolves.”

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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International