‘Buy now, pay later’ firm Clearpay reaches 1 million active customers
In a further indication of how popular ‘Buy Now, Pay Later’ services have become in the UK, e-commerce payments firm Clearpay has revealed that more than a million UK shoppers used its service in its first year of operation.
And customer purchasing frequency in the UK is outpacing the US when it was at the same stage of lifecycle, with customers transacting more than 8 times within the first year compared to the US, which was at 6 times during its first year.
Clearpay, which is part of Afterpay Limited, allows merchants to give shoppers the ability to receive products immediately and pay in four instalments over a short period of time.
More than 1,100 brands and retailers have signed up to integrate the service. Elemis, Bare Minerals, Isawitfirst, Apricot and Size are some of the retailers that have recently launched with Clearpay, joining the likes of Asos, Marks & Spencer, JD Sports and Urban Outfitters.
The Covid-19 lockdown has also helped drive growth at the company. During May, more than 3 million people visited its app and website and Clearpay’s Shop Directory contributed over 1.5 million lead referrals to its retail partners. This was a 40%-50% increase in the weekly run rate compared with January and February 2020.
“The world and the industry are changing at a rapid pace, and during this challenging time consumers are looking for ways to pay using their own money - instead of turning to expensive loans with interest, fees or revolving debt,” said Nick Molnar, co-founder of Clearpay."
The company says its service is completely free for customers who pay on time. More than 95% of Clearpay orders are made with debit cards.
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