Clearpay Brings Flexible Payments To Southern Europe

Rhea-AI Summary

Afterpay has launched its European service, Clearpay, in Spain and France, with Italian merchants to follow. This expansion taps into a lucrative €150 billion ecommerce market in Southern Europe. In the first half of fiscal 2021, Afterpay reported $10.1 billion in global underlying sales. With over 75,000 retailers and 13 million active customers globally, Clearpay offers customers a responsible payment option, enabling payments in four installments without interest, aimed at millennial consumers.

Positive

• Launch of Clearpay in Spain and France expands Afterpay's services in Europe.
• Access to a large €150 billion ecommerce market in Southern Europe.
• $10.1 billion in global underlying sales reported for the first half of fiscal 2021.
• Clearpay provides a service that allows customers to pay in four interest-free installments, promoting responsible spending.

Negative

• None.

More than 300 Merchants Offer "Buy Now, Pay Later" across Spain, Italy and France 

LONDON, March 15, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later"  payments, today launched its European service, Clearpay, to merchants across Spain and France. Italian merchants will begin offering Clearpay later this month.

Clearpay enters Southern Europe with some of the best fashion, beauty and lifestyle brands and retailers in the market. Globally, more than 75,000 retailers offer Clearpay, or Afterpay as it is known outside of Europe, to its more than 13 million active customers across the world. In the first half of fiscal 2021, Afterpay delivered $10.1 billion in global underlying sales on a constant currency basis.

Today, Southern Europe has an addressable ecommerce market which exceeds €150b¹ across Spain, Italy and France. With large millennial populations, a strong fashion and beauty market, and significant consumer debit card usage, there is a strong opportunity to offer "Buy Now, Pay Later" (BNPL) services.  By offering Clearpay in Europe, the company is able to support existing global retail partners who would like to offer the service to their customers across Europe. 

"In the last year, global ecommerce grew faster than it had in the last ten years," said Nick Molnar, Co-founder and Co-CEO of Clearpay. "By introducing Clearpay, we are giving Europeans a better way to access the things they want and need in their lives via a flexible payment service that allows shoppers to spend their own money and pay over time – instead of turning to expensive loans and credit cards which come with interest, fees and revolving debt."

With Clearpay, shoppers have the ability to receive products immediately and pay in four installments over a short period of time. The service is completely free for European customers² – helping consumers spend money responsibly, without incurring interest or revolving and extended debt.  More than 90 percent of Clearpay global purchases are made with debit cards.  

Clearpay enters the Southern Europe market after its recent acquisition of Pagantis, a Spanish-based payment company. Clearpay received regulatory approval from the Bank of Spain to offer its products across Spain, France, Italy, Portugal and Germany. 

More information about this announcement 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 of December 31, 2020, Afterpay is offered by nearly 75,000 of the world's favourite retailers, and is used by more than 13 million active customers globally. 

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 Source: CNMC, Osservation.net, Handelsverband Deutschland
² Late fees may apply. Eligibility criteria apply. See clearpay.com for full terms. 

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SOURCE Clearpay

FAQ

What is Clearpay and when did it launch in Europe?

Clearpay, Afterpay's service, launched in Europe on March 15, 2021, starting in Spain and France.

What is the size of the ecommerce market in Southern Europe?

The ecommerce market in Southern Europe exceeds €150 billion.

How much did Afterpay report in underlying sales during the first half of fiscal 2021?

Afterpay reported $10.1 billion in global underlying sales in the first half of fiscal 2021.

In which countries is Clearpay currently available?

Clearpay is available in Spain, France, Italy, Portugal, and Germany.

How many retailers and customers does Afterpay have globally?

Afterpay has over 75,000 retailers and more than 13 million active customers globally.