Afterpay Offers In-Store Payment Solution Across U.S.

Rhea-AI Summary

Afterpay (ASX: APT) has announced the nationwide rollout of its in-store payment solution across the U.S., enhancing customer convenience ahead of the holiday shopping season. Customers can now use a virtual contactless Afterpay card at popular retailers, allowing them to make purchases in four interest-free payments. This follows successful trials in select locations. Afterpay reports that customers using both online and in-store services spend 15-20% more per transaction and visit stores 66% more frequently, benefiting retailers significantly.

Positive

• Nationwide rollout of in-store payment solution enhances customer convenience ahead of holiday shopping.
• Customers can pay in four installments, interest-free, increasing accessibility.
• Customers utilizing both online and in-store shopping spend 15-20% more than online-only shoppers.
• Retailers see a threefold increase in average order values compared to other payment forms.

Negative

• None.

SAN FRANCISCO, Oct. 13, 2020 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments,  today announced that its in-store solution is now available to all U.S. customers at some of the best retail stores nationwide. 

Shoppers can use Afterpay to buy items in select retail stores using their Afterpay card, a virtual, contactless card stored in their digital wallet. Just like using Afterpay online, customers can pay 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  Shoppers can use the Afterpay they know and love, with the added benefit of taking home their purchase that very same day. 

Afterpay first introduced its in-store solution in 2016 in Australia and New Zealand (ANZ) and became one of the only online payment companies to successfully offer its service in physical stores. After piloting in select locations this summer, Afterpay is now available to U.S. shoppers nationwide, just in time for the holiday shopping season. Shoppers can now use Afterpay at some of their favorite stores including at Forever 21, Finish Line, JD Sports, Levi's, Skechers, Fresh, APL, Solstice Sunglasses, as well as select DSW stores.

"Just in time for the holiday shopping season, we are thrilled to roll out our in-store capabilities to all customers in the U.S. - making paying in-store more convenient, secure and contactless," said Nick Molnar, Afterpay's Co-founder and CEO of North America. "Afterpay customers can now choose either physical or online shopping to buy holiday gifts - which brings new customers and drives more sales conversion to retailers without any additional set-up or integration costs." 

Afterpay has found that its customers who shop both online and in-store spend 15-20% more per transaction than online-only shoppers, and shop 66% more frequently. Additionally, retailers typically see a 3x increase in average order values as compared to other payment forms, and a 2x increase in units per transaction.²

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, which can be used to make purchases with Apple Pay or Google Pay. Shoppers can then take their purchase home right away but pay over time, interest-free. More information about Afterpay's in-store solution can be found here. 

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.

¹ Late fees may apply. Full terms and conditions available at afterpay.com
² Based on Afterpay gathered merchant data, September 2020

 

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SOURCE Afterpay

FAQ

What did Afterpay announce on October 13, 2020?

Afterpay announced the nationwide rollout of its in-store payment solution for U.S. customers.

How can customers use Afterpay in stores?

Customers can use a virtual Afterpay card stored in their digital wallet to make purchases and pay in four installments.

Which retailers are participating in Afterpay's in-store payment solution?

Retailers include Forever 21, Finish Line, JD Sports, Levi's, Skechers, and select DSW stores.

How does Afterpay's in-store solution benefit retailers?

Retailers typically see a threefold increase in average order values and double the units per transaction.

What is the significance of Afterpay's announcement for holiday shopping?

The in-store solution rollout is timed for the holiday shopping season, enhancing convenience for consumers.