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November 12, 2020Blog Posts

Afterpay introduces cross-border commerce for merchants

Afterpay

Afterpay, the leader in “Buy Now, Pay Later” payments, announced that its merchant partners can now offer their products to customers across the world. Specifically, Afterpay merchants can open their eCommerce sites to Australian, British, Canadian, and New Zealand shoppers. Next year, global merchants will also be able to sell to U.S. consumers.

Cross border shopping represents a $1 trillion GMV opportunity1, with retailers gaining access to Afterpay’s young and engaged customers worldwide. Shoppers see items in their local currency and benefit from the flexibility and convenience of paying in four installments over time, without incurring interest, fees, or revolving and extended debt. Participating retailers can open their storefronts to these shoppers without paying set up or currency conversion fees.

“We have been very pleased with our cross border implementation. It has been seamless and very effective in scaling our efforts abroad as we grow globally,” commented Justin Gaggino of Hi-Smile, an early adopter of Afterpay’s cross border offering. “We have seen an approximately 30% increase in overall orders come through our cross border partnership with Afterpay.”

Source

Did you know?

  • 40% of consumers who regularly used installment payments before the pandemic have stated they have since increased their usage
  • 32% of all respondents wish more stores offered installment payments

TSG conducted a survey of 483 consumers in the U.S., with the goal of understanding the impact COVID-19 has had on the way the U.S. consumer pays for goods and services.

Click here to download the infographic based on payment method insights.

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