Belk and Afterpay Partner to Offer Online and In-Store "Buy Now, Pay Later" Payments

Omnichannel flexible payment solutions arrive just in time for the busy holiday shopping season

News provided by

Dec 07, 2021, 08:00 ET

SAN FRANCISCO, Dec. 7, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, and Belk department store, today announced a partnership to bring flexible spending to customers shopping online and in store locations. The partnership comes in the midst of the busy holiday shopping season - giving shoppers the opportunity to pay for their gifts responsibly in four interest-free installments^¹.

Belk has already benefited from offering Afterpay - seeing a 50% increase in average order values for those customers using Afterpay. The vast majority of Afterpay customers are the next generation Millennial and Gen Z consumer, who are expected to represent 50% of all spend in retail by 2030^².

"We always strive to give customers the best and most convenient options for their shopping experience, and they've really responded to the Buy Now, Pay Later model, especially younger customers," said Nir Patel, Belk CEO. "Afterpay gives them peace of mind when making purchases, knowing they'll have flexible terms when they buy from Belk."

"We know that consumers are using Afterpay for everything they want and need in their daily lives, which is why expanding to a retailer like Belk is so important," said Zahir Khoja, Afterpay's General Manager of North America. "Consumers can shop a variety of brands while avoiding extended debt, interest and hidden fees, and from the response so far, it's clear that Afterpay customers are seeing the value in Belk as a one-stop shopping destination for holiday gift giving and beyond."

Customers are able to pay securely and simply for their in-store and online 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.¹ Today, more than 20 million North American customers have signed up to use Afterpay at nearly 100,000 top retailers.^³

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases over four installments, always interest-free¹. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest. As of June 30, 2021, Afterpay is offered by nearly 100,000 of the world's favorite retailers and more than 20 million customers have signed up in North America alone^⁴.

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

^¹ Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.
^² Source: Afterpay Next Gen Index Report 2021
^³ Figures released in FY 2021 results
^⁴ Figures released in FY 2021 results

SOURCE Afterpay