Afterpay Touch Group, an Australian digital payments firm, has expanded into Europe by launching operations in the UK.
The firm will adopt the Clearpay brand in the UK. ClearPay was snapped up by Afterpay last year.
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Afterpay calls UK the third largest e-commerce market worldwide.
In this regard, the annual worth of the UK market is said to be more than £70bn.
The firm has secured backing from retailers like Boohoo and Urban Outfitters for the expansion.
Former-PayPal UK CEO Carl Scheible will lead Afterpay’s new business.
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By GlobalDataScheible noted: “The Clearpay platform is unlike anything on offer in the UK, offering people greater flexibility to budget and pay for goods and services. By trusting consumers to repay free of charge, it turns accepted wisdom in financial services on its head.
“This is an interest-free way to stagger payments by debit, which rewards positive behaviour and is the opposite of a traditional credit product.
“Instead of making money by trapping people in accruing debt, Clearpay charges retailers a fee to provide the service and covers the cost of the purchase up front, removing the risk for the retailer.”
Afterpay enables users to make online payments in instalments through debit card without charging any interest.
Apart from Australia and the UK, the firm also has presence in the US and New Zealand.
Currently, the firm has more than 30,000 merchant partners.
