Buy now-pay later (BNPL) continues to cross global regions. Afterpay will expand its installment payment plan for cross border sales among Australia, New Zealand, the UK, and Canada.
The U.S. market will be open for merchant cross-selling in 2021 as well. As international e-commerce grows, this is a logical step to align a popular payment method for merchants and consumers alike.
The following excerpt from a The Paypers article reports more on the topic:
Afterpay has announced that its merchant partners can now offer their products to customers across the world. Shoppers will see items in their local currency and benefit from the flexibility and convenience of paying in four instalments over time, without incurring interest, fees, or revolving and extended debt. Participating retailers can open their store fronts to these shoppers without paying set up or currency conversion fees.
Overall, Afterpay first introduced cross border shopping in Australia and New Zealand (ANZ) in March 2019, which delivered YoY sales growth of nearly 576%. Because of such strong consumer demand, the number of ANZ merchants that are now selling outside their home country has grown 10 times.
“Cross border trade allows retailers to open their storefronts to the world – delivering new customers, higher conversion and ultimately more merchant sales, without additional set-up costs or fees,” said Nick Molnar, Afterpay’s Co-founder and CEO of North America. “We are particularly excited to offer cross border capabilities at a time when consumers are buying online more than ever and in advance of this busy holiday shopping season.”
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group