SAN FRANCISCO, Nov. 24, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, today announced its subscription solution - giving U.S. consumers the ability to pay for their favorite recurring purchases in installments. Merchants including IPSY, BoxyCharm, Savage X Fenty and Fabletics will be amongst the first to offer Afterpay's subscription payments, which will be available to customers early next year.
Subscription payments are already driving significant value for merchants and brands across the world - with the market predicted to be a $1.5 trillion industry by 2025, according to UBS.1 This new offering allows qualified merchant partners to potentially offer Afterpay for popular, every day payment needs including gym memberships, entertainment subscriptions, online services and more. Afterpay also accommodates almost any merchant's billing cadence - ensuring an efficient checkout and auto-renewal process for consumers.
"We believe this new partnership with Afterpay will further advance our mission of making beauty more inclusive by providing even more flexibility and greater access to BoxyCharm and IPSY, and by openly welcoming Afterpay's highly engaged customers to our beauty community," said BFA Industries' VP of Corporate Development & Strategic Partnerships, Milagros Pinon. "Afterpay already has a high affinity with our Charmers and Ipsters and we are incredibly excited to partner with them in building out their subscription offering."
Zahir Khoja, General Manager of North America for Afterpay said: "By offering customers the option to pay for subscriptions with Afterpay, we're not only giving consumers flexibility to pay for more expensive monthly costs, but we're also helping our merchant partners capture a wider consumer base through this convenient experience. As more retailers expand into the world of subscriptions, Afterpay is more than ready to answer the call for both customers and merchants."
Afterpay's subscriptions will be available to consumers across online platforms in the U.S. and Australia by early 2022, with plans to extend this feature in-store and to other regions including Canada, New Zealand, the U.K. and Europe.
Pre-orders Also starting today, merchants can offer their customers the ability to use Afterpay on pre-ordered items. This approach supports merchants with longer lead shipping times, while giving consumers the flexibility to pay for their pre-ordered item in four installments over time, once the item ships. In the near future, merchants will also have the flexibility to take deposits on custom items from Afterpay customers.
About Afterpay Limited Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases over four installments, always interest-free.2 The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest. As of June 30, 2021, Afterpay is offered by nearly 100,000 of the world's favorite retailers and nearly 20 million customers have signed up in North America alone.3
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.