Retail

Afterpay Adds More Retailers To Its BNPL Network

Afterpay

Afterpay, the Australian buy now, pay later (BNPL) company operating in the U.S., has partnered with beauty, fitness and casual fashion retailers Charlotte Tilbury, Fenty Skin, Fila, Huda Beauty, Puma and Vineyard Vines.

In its Tuesday (Aug. 18) announcement of the new partnerships, Afterpay also said it has launched two new features including providing customers a way to view estimated spending limits and the option to reschedule payments.

“Just in time for fall shopping, we are partnering with new amazing fashion, beauty and lifestyle brands that we know our customers love while hosting our always-popular Afterpay Day to thank you to our customers with some of the best deals in the market,” said Afterpay Chief Revenue Officer Melissa Davis in a statement.

Afterpay is used by more than 8.4 million customers at 48,400 retailers in the U.S., Australia, New Zealand and the United Kingdom where it operates as Clearpay, the company said.

Afterpay competes in a crowded market with Klarna, Splitit, Openpay, FuturePay, Sezzle, Affirm, Quadpay, among others, according to Owler.com.

Earlier this month, Afterpay unveiled a new look and brand identity. The changes include a new logo, which, instead of two disconnected triangles as it was previously, is now designed as a continuous loop, which the company said represents the “infinite relationship and connection between Afterpay’s customers and merchants.”

Afterpay Global Chief Marketing Officer Geoff Seeley said the change reflects the company’s global goals.

“Off the back of Afterpay’s strong global growth, the time has never been better to update our visual identity and more strongly reflect who our customers are and why they choose Afterpay,” he said in a statement at the time. “This new brand is a powerful representation of what we deliver for both consumers and merchants, with empowerment and financial wellbeing at its core.”

Afterpay came in at No. 2 in PYMNTS’ latest Provider Ranking of Alternative Credit Apps, on the heels of No. 1 ranked Klarna.

BNPL is “one of the hottest business stories of the past few years,” the ranking report said, “as players stream in and consumers fall in love with the concept.”

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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