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September 30, 2020

SHEIN taps PayBright to offer BNPL services to Canadian customers

Global fast fashion e-commerce brand SHEIN has partnered with Canada-based instalment payment plans provider PayBright.

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.

PayBright will facilitate its buy-now-pay-later (BNPL) instalment solution ‘Pay in 4’ for SHEIN’s Canadian consumers.

Customers visiting the ca.shein.com website can now buy clothes, shoes, and accessories, and pay in four biweekly, interest-free instalments.

PayBright’s Pay in 4 instalment plan works like an alternative to traditional credit cards.

In Canada, this plan is said to be the first integrated instalment payment solution for e-commerce, in-app, and in-store sales.

Consumers need not sign up for a credit card to use PayBright’s BNPL solution. It also comes without hidden fees, retroactive interest, or revolving interest charges.

In addition to the Pay in 4 plans for smaller purchases, PayBright offers several plans including ‘Pay Monthly’ for larger-ticket items.

PayBright president and CEO Wayne Pommen said: “More and more, Canadians are seeking easy and transparent payment options like PayBright that help them avoid more credit card debt.

“We know that hundreds of thousands of shoppers have appreciated our buy now, pay later plans when they shop at their favourite stores, and we are proud to welcome SHEIN to our growing list of merchant partners who extend this financially flexible option to its Canadian customers.”

SHEIN is the latest to join the growing list of retail brands offering PayBright’s BNPL services.

SHEIN ANZ and Canada country head Willy Huo said: “Offering PayBright’s flexible, interest-free payment option gives our Canadian customers greater flexibility and convenience to enjoy the beauty of fashion.

“We are constantly invested in optimising the shopping experience for our customers across the world, and offering PayBright to our Canadian customers is another positive step in this direction.”

Earlier this year, Sephora Canada partnered PayBright to offer buy now, pay later option.

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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