Retail

Afterpay Reports 6.5K Merchants On Payments Platform

Afterpay, the leader in “buy now, pay later” payments, said in a press release that its second bi-annual two-day sale, Afterpay Day, will take place Aug. 14-15.

The company will partner with top fashion and beauty brands and retailers for the event, which offers its two million U.S. customers access to special promotions. Discounts will be offered across retailers such as NARS Cosmetics, Schutz, APL, Steve Madden and more.

The Australian FinTech firm launched in the U.S. market just over a year ago and is now signed with over 6,500 U.S. retailers, which represent more than 10 percent of the U.S. fashion and beauty industry. The first Afterpay Day sale in March 2019 had the participation of over 400 U.S. retail partners.

“After building tremendous momentum in the U.S. over the last year, we are thrilled to offer our second annual Afterpay Day sale to our now two million customers,” said Nick Molnar, co-founder of Afterpay​. “Customers can shop a record amount of amazing deals from the most loved fashion and beauty brands. Afterpay is a marketing channel to the world’s most valuable customers, the millennial and Gen-Z cohort.”

Afterpay allows shoppers to receive products immediately and pay for them in four installments, without taking out a traditional loan or paying upfront fees or interest. The service is completely free for customers who pay on time.

The company is currently working with leading fashion and beauty online retailers such as Anastasia Beverly Hills, Anthropologie, DSW, Estee Lauder Group, Forever 21, Levi’s, MAC Cosmetics, Steve Madden and Urban Outfitters, among ​many others.

Afterpay notched $221.08 million (A$317 million) in new capital via a share placement last month, which involved Hancock and both co-founders selling a total of 4.5 million shares at A$23 apiece for the equivalent of A$103 million.

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Social distancing has changed eCommerce from a ‘want to have’ to a ‘must have’ for businesses, yet retailers could struggle to create convenient payment and refund experiences for their apps and websites, says Abdul Raof Latiff, head of DBS Bank’s digital institutional banking group. In the April 2020 B2B API Tracker, Latiff explains how banks can provide a timely assist via application programming interfaces (APIs) that integrate payments into those eCommerce platforms.

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