Afterpay Introduces Cross Border Commerce for Merchant Partners
With new "Buy Now, Pay Later" capabilities, merchants open their storefronts to global shoppers just in time for the busy holiday shopping season
SAN FRANCISCO, Nov. 12, 2020 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, today announced that its merchant partners can now offer their products to customers across the world. Specifically, Afterpay merchants can open their ecommerce sites to Australian, British, Canadian and New Zealand shoppers. Next year, global merchants will also be able to sell to U.S. consumers.
Cross border shopping represents a $1 trillion GMV opportunity1, with retailers gaining access to Afterpay's young and engaged customers worldwide. Shoppers see items in their local currency and benefit from the flexibility and convenience of paying in four installments 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.
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.
"We have been very pleased with our cross border implementation. It has been seamless and very effective in scaling our efforts abroad as we grow globally," commented Justin Gaggino of Hi-Smile, an early adopter of Afterpay's cross border offering. "We have seen an approximately 30% increase in overall orders come through our cross border partnership with Afterpay."
"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."
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.2 The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest, fees or extended debt. As of September 30, 2020, Afterpay is offered by nearly 64,000 of the world's favorite retailers, and is used by more than 11.2 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.
1 Source: Invespcro global cross border shopping trends
2 Eligibility criteria apply. Late fees may apply. See full terms at afterpay.com.
SOURCE Afterpay
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