Afterpay and Simon Announce Collaboration Ahead of Holiday Shopping Season

SAN FRANCISCO, Oct. 6, 2020 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, and Simon, announced today a national collaboration to support retailers and promote Afterpay in-store payment services to consumers ahead of the busy holiday shopping season.

"Afterpay's unique in-store payment solution allows our shoppers to make immediate purchases from our retail tenants, while paying over time, interest free - driving additional sales for our retailers," said Mikael Thygesen, Chief Marketing Officer, Simon. "We believe the service is well-suited for these challenging economic times and a great option for our consumers and retail tenants alike."

"With the busy holiday season upon us, we are proud to offer a truly multi-channel payment solution that has proven to bring new customers and increased sales to our retail partners," said Melissa Davis, Afterpay's EVP of North America. "Our new in-store solution is yet another way to support merchants by offering a powerful budgeting tool that allows shoppers to spend their own money over time - whether they prefer to buy in a physical store or online."

At participating retailers, customers in the U.S. will be able to pay securely and simply for their in-store purchases in four installment payments, without the need to take out a traditional loan or pay upfront fees or interest.¹ The service is completely free for consumers who pay on time and, because the payment is contactless, it is a safe and clean way to make a payment.

Customers can initiate a purchase in stores by simply tapping the card icon in the Afterpay app, which activates the Afterpay card in the wallet and can be used to make purchases with Apple Pay or Google Pay.  Shoppers can then take their purchase home right away and pay over time, interest-free.  Because Afterpay payments are made with the retailers' existing payment terminals, there are no merchant integration costs associated with accepting Afterpay.

Today, more than five million U.S. customers use Afterpay at more than 15,000 top retailers in the two years since launching in the market.²

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time  - helping people spend responsibly without incurring interest, fees or extended debt. As at June 30, 2020, Afterpay is offered by more than 55,400 of the world's favorite retailers and is used by more than 9.9 million active customers globally.  

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay.  Afterpay is on a mission to power an economy in which everyone wins.

About Simon
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

¹ Eligibility criteria apply. Late fees may apply. See afterpay.com for full terms.
² According to FY20 business results.

SOURCE Afterpay

Related Links

http://afterpay.com