Buy now, pay later (BNPL) firm Afterpay has introduced new cross-border options for merchants to sell their products to consumers in Australia, New Zealand, the U.K. and Canada, according to a press release emailed to PYMNTS.
In addition, the company plans to allow global merchants to sell to U.S. shoppers with installment payments next year, the release stated.
Shoppers will be able to see items in their local currencies and pay in four installments. There’s no interest, fees or revolving debt incurred, according to the release.
Afterpay Co-Founder and CEO Nick Molnar said in the release that the idea is to keep bolstering ways to pay.
“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,” he said, according to the release. “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.”
Afterpay first introduced cross-border shopping in Australia and New Zealand in March 2019, and merchants are now selling 10 times as much outside those countries as they used to, the release stated.
The release quoted Justin Gaggino of Hi-Smile, which adopted the Afterpay cross-border solution early, saying it had resulted in a 30 percent jump in orders overall.
In addition, Afterpay announced last month that it has expanded to be offered in major retailers. In select stores, shoppers will be able to select Afterpay as a payment method and use the virtual and contactless Afterpay card, which is stored in a digital wallet, to make an installment payment. In the U.S., retailers participating include Forever 21, Finish Line, JD Sports, Levi’s, Skechers, Fresh, APL and Solstice Sunglasses.
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