Afterpay (ASX:APT) the leader in "Buy Now, Pay Later", and Adyen, (AMS: ADYEN), the global payments platform of choice for many of the world's leading businesses, are joining forces to offer Afterpay's leading "Buy Now, Pay Later" (BNPL) service to retailers, kicking off with Hunter, the premium British footwear brand.
Leading iconic British outdoor lifestyle brand, Hunter, is among some of the first retailers to offer Afterpay with Adyen.
"We wanted a way of offering our customers more flexibility through payments, as we know giving our customers choice to pay in a way that suits them drives on-site conversion" said Bryony Longden, senior eCommerce manager for Hunter. "By offering Afterpay through Adyen, we were able to implement this new payment method quickly and effectively to offer a seamless checkout experience. The ability to split payments really helps to make higher price point items accessible to our customers. "
Hunter can now offer Afterpay, known as Clearpay in the UK - the popular service which allows customers to get their items right away and pay in four installments, without the need to take out a traditional loan or pay upfront fees or interest. The service is completely free for consumers who pay on time1. Afterpay now has more than 13 million customers globally and 1.6 million shoppers in the U.K.2
With Afterpay, retailers attract a growing segment of the population who prefer to pay without incurring traditional credit-style debt, interest or fees. For this reason, many retailers offering Afterpay see an average increase in conversion of approximately 22% - as well as increased basket size, higher customer satisfaction and repeat customers.3 Around 90% of Afterpay transactions are made with debit cards.4
"BNPL has changed the retail industry - as young shoppers prefer to use their own money to buy items they need and want - instead of using credit cards which often lead to revolving debt with interest and fees," said Ben Pressley, SVP of Global Sales Strategy and Operations at AfterPay. "We are so excited to kick off our partnership with Adyen and Hunter to offer a payment solution that delivers real benefits to consumers and retailers alike."
Merchants of Adyen can offer Afterpay in the UK, the United States, Canada, Australia and New Zealand to their customers.