Payments provider Square has introduced a buy now, pay later (BNPL) feature in the UK through an integration with Clearpay.
Representing the first integration with Clearpay, which is known as Afterpay outside the UK and Europe, the new BNPL feature will serve the sellers operating in the online and in-store commerce sector.
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The launch follows the purchase of Afterpay by Block.
It will see the UK becoming the first market to introduce BNPL across all the platforms such as in-store and online. Square said that its developers and partners can also integrate the feature.
The integration is expected to provide Square merchants in the UK with a BNPL option that can be used by consumers to make payments in four interest-free instalments over a duration of six weeks. The merchants will receive payments instantly.
To facilitate online shopping, Clearpay will be embedded as a payment method within Square Online’s checkout system. It aims to help the merchants with options to upgrade their average purchase size as well as grow basket conversion and invite new more customers.
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By GlobalDataThe feature will also allow merchants to accept Clearpay in-person at the buyer checkout point through any of the Square point of sale software.
In addition, developers will be able to streamline their transaction data. They can also create and maintain a single integration for both Square and Clearpay transactions within the Square Web Payments SDK.
Square noted that the merchants who accept payments through Square’s Virtual Terminal dashboard can provide Clearpay through text message Pay Links or by employing Square Terminal hardware.
Square head Alyssa Henry said: “We’re thrilled to be integrating Clearpay both in-store and online in the UK.
“The integration across platforms furthers our goal to give sellers of all sizes omnichannel tools that help them to grow by meeting consumer shopping habits, whatever and wherever they are.
“Clearpay provides our ecosystem with a new tool beyond an alternative payment method; it enables an omnichannel commerce solution that can offer true value to our sellers.”
Last year, the UK’s BNPL sector represented around £13bn of the country’s e-commerce spend. The value is anticipated to double by 2025 to represent 12.1% of the UK e-commerce expenditure.
