Singapore-based cross-border payments platform Thunes has forged an alliance with buy-now-pay-later (BNPL) firm Clearpay.
Under the tie-up, Thunes will provide Clearpay’s BNPL solution to its merchant network, payment service providers and marketplace partners.
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The partnership comes at a time when BNPL picks up pace in Europe. Additionally, payment adoption in the region is estimated to have a compound annual growth rate of 30.8% in the next six years.
According to data from a Clearpay report, 25% of fashion purchases in the UK are currently paid with BNPL.
Thunes Collections CEO Christophe Bourbier said: “There are many reasons why this partnership is so important for Thunes: BNPL solutions are seeing accelerated adoption and strong consumer demand.
“Moreover, BNPL solutions also demonstrate significant potential for our merchants and partners: they provide opportunities for revenue growth, enhanced customer experience, and overall generate positive economic impact.
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By GlobalData“And ClearPay is a market leader in this industry, offering easy-to-use solution, so we anticipate significant demand for their service from our merchants.”
Thunes holds Payment Institution Licences in Singapore, Europe, and the UK. Recently, the firm established a regional hub in Miami to drive its expansion into new Latin American markets.
Clearpay France country manager Aida Faivre said: In joining Thunes’ Payments ecosystem, we look forward to unlocking even more value for merchants and consumers across the globe.
“As younger shoppers embrace BNPL as a more convenient and safe form of payment, Clearpay has proven to be the payment platform of choice for these customers who are adverse to using credit products. Merchants too, have benefited greatly with improved basket conversion, brand exposure and lifts in average order value.”
