Top Canadian Brands Partner with Afterpay Just In Time for the Holidays

Rhea-AI Summary

Afterpay has partnered with several Canadian retailers, including Blondo and Vessi, to offer flexible payment options for holiday shopping. With 39% of North American consumers using Buy Now, Pay Later (BNPL) more due to pandemic-related financial strain, Afterpay aims to enhance shopping ease. The platform now includes 144,000 global brands, attracting a younger demographic. Integrated into Square's ecommerce, Afterpay enhances transaction values by 70%. This strategic expansion aligns with Afterpay's goal to transform payment methods and support responsible spending.

Positive

• Partnership with notable Canadian retailers enhances brand presence.
• Increased transaction values (70% higher) through integration with Square.
• Growing user base with over 20 million global customers.

Negative

• None.

Fragrance Canada, Blondo, Vessi and more offer online shoppers flexible payments with Afterpay’s Pay in 4

TORONTO--(BUSINESS WIRE)-- Afterpay, the leader in “Buy Now, Pay Later” (BNPL) payments, today announced that it has partnered with several notable fashion and footwear retailers in Canada, including Blondo, Dolce Vita, Fragrance Canada, HAVEN, Pilgrim, Vessi and VSP — offering shoppers a more flexible and convenient way to pay for all of their holiday must-haves.

Consumers have increasingly turned to BNPL to manage their finances and budget for everyday purchases, with approximately 39 per cent of North American consumers indicating that they have used BNPL more due to the pandemic and inflation¹. Right in time for the peak holiday shopping period, Afterpay is partnering with more brands to provide Canadian consumers with a responsible way to purchase gifts for family and friends.

Ryann Carruthers, General Manager of Afterpay Canada said: “As the holiday season approaches, we’re thrilled to welcome these exciting new brands to the Afterpay platform and provide Canadian consumers with more places to shop and pay responsibly and flexibly over time. Ahead of this busy shopping period, our merchant partners can also count on an increase in traffic and a boost in sales as they attract Afterpay’s customer base of loyal, young shoppers.”

The new merchants will join Afterpay’s growing network of 144,000 global retailers and brands², which allow customers to receive items immediately and pay over time, without incurring any fees. With over 20 million global customers², merchants benefit from Afterpay’s highly-engaged customer base of Gen Z and Millennial shoppers.

Since September, Square has also seamlessly integrated Afterpay into its ecommerce products across Canada, unlocking BNPL functionality to hundreds of thousands of sellers. Square and Afterpay transactions have a 70 per cent² higher average order value compared to other payment methods, helping increase revenue this holiday season.

About Afterpay Limited

Afterpay is transforming the way we pay by allowing anyone to buy products immediately and pay over time — enabling simple, transparent and responsible spending. We are on a mission to power an economy in which everyone wins.

Afterpay is offered by thousands of the world’s favourite retailers and used by millions of active global customers. 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 a wholly owned subsidiary of Block, Inc. (NYSE: SQ).

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1 Afterpay Coresight Report, May 2022. 2 Figures released June 30, 2022

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221108005455/en/

Daphne Duong

dduong@squareup.com

Heidi Ruggier

afterpay@mattepr.com

Source: Block, Inc.

FAQ

What retailers have partnered with Afterpay in Canada?

Afterpay has partnered with Blondo, Vessi, Dolce Vita, Fragrance Canada, HAVEN, Pilgrim, and VSP.

What is the impact of Afterpay's new partnerships on sales?

The new partnerships are expected to increase traffic and boost sales for the retailers.

How does Afterpay's BNPL service benefit consumers during the holiday season?

Afterpay's BNPL service provides consumers with a flexible payment option, allowing them to budget for holiday purchases without incurring fees.

What is the significance of Afterpay's integration with Square for sellers?

The integration allows sellers to access BNPL functionality, resulting in higher average order values and potentially increased revenue.

How has the use of BNPL changed during the pandemic?

Approximately 39% of North American consumers have used BNPL more due to the pandemic and inflation.