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July 22, 2020

Sephora Canada offers buy now, pay later option through PayBright tie-up

Prestige beauty retailer Sephora Canada has teamed up with installment payment solutions provider PayBright to provide the latter’s buy now, pay later option.

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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
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Canadian clients can purchase their cosmetics, fragrances, beauty tools, and skincare products using PayBright as the payment method on sephora.ca.

PayBright president and CEO Wayne Pommen said: “Shoppers appreciate financial flexibility – especially now. We are delighted to welcome Sephora Canada to our growing roster of leading merchants whose customers already enjoy PayBright at checkout, and to bring an exciting new merchant partner to our fast-growing user base in Canada.”

Clients using PayBright can make payments in four bi-weekly installments, and does not charge interest.

Sephora Canada Senior VP, Marketing, Deborah Neff said: “Since opening our first Sephora Canada location in 2004, we’ve continually invested in improving our Canadian client experience through ease and convenience both in-store and online.

“We are thrilled to be partnering with PayBright and are pleased that Sephora Canada’s beauty community will now have increased payment flexibility as part of the seamless shopping experience they’ve come to expect.”

In May this year, Canadian fashion retailer Groupe Dynamite partnered with PayBright to offer the latter’s buy now, pay later option at checkout.

Last month, PayBright and retail management solutions provider iQmetrix launched a fully integrated POS pay-later payment solution in Canada.

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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