Australian fintech firm Payright has introduced its ‘buy now, pay later’ service in New Zealand, in its first international expansion.
The ‘buy now, pay later’ service boosts sales by enabling customers to purchase expensive items and repaying them in instalments.
Merchants receive upfront and full payment, while Payright receives customer repayments.
In New Zealand, several brands have joined the Payright platform including Saladmaster, Amway and Nutrimetics.
More Payright Australian merchant partners operating in New Zealand are expected to join in the following weeks.
The service supports purchases from A$1,000 to A$20,000 with average transaction size amounting to A$2,500. The term ranges between two months and 36 months.
Typically, the ‘buy now, pay later’ service is associated with retail purchases. However, Payright seeks to expand it to the services market to include payments for plumbing, photography and beauty therapies.
Payright co-founder and joint CEO Myles Redward said: “We are excited to introduce Payright to New Zealand merchants and consumers and our expansion into New Zealand is a natural extension into a market with an appetite for flexible and affordable payment options.
“Like Australia, there is an untapped opportunity in New Zealand to provide a buy now, pay later instalment payment plan for considered purchases up to $20,000, particularly for underserviced sectors such as home improvement, photography, dental and health and beauty – this is the gap we have identified in the market and one that we intend to continue to fill.”
In Australia, Payright has served more than 28,000 customers in three years. More than 1,600 merchants are associated with the platform.