Buy Now, Pay Later Solution Uplift Solidifies Travel Market Leadership with Record Partner Growth in 2020
- World's Top Travel Brands Choose Uplift for Buy Now Pay Later - Alaska Airlines, Air Canada, Aeromexico - and more
- Uplift's Buy Now, Pay Later solutions lay foundation for travel industry's strong recovery in 2021
MENLO PARK, Calif., Feb. 11, 2021 /PRNewswire/ -– Uplift, the only enterprise Buy Now, Pay Later (BNPL) solution serving the world's top travel brands, is seeing significant signs of pent-up demand for leisure travel and growing consumer interest in flexible payment options when booking trips. Despite the impact of COVID-19 on travel, Uplift has signed significant new partnerships with major travel brands and has achieved 72% growth in monthly transaction revenue in Q4 of 2020 and recently announced that it secured a $68 million credit line from Atalaya Capital Management. The company's Buy Now, Pay Later solutions are helping to lay the foundation for the travel industry's strong recovery in 2021.
"Buy Now, Pay Later is not a new concept and has already proven its value internationally. It will be the economic kickstarter needed to ignite the travel industry," said Uplift's CEO Brian Barth. "There's a certain amount of pleasure derived after you book a trip and anticipate all these new life experiences. This anticipation is driving travel bookings now for future vacations to give people something to look forward to."
Starting Q2, Uplift has signed new partnerships for Buy Now, Pay Later solutions with the following travel partners:
- Airlines: Aeromexico, Air Canada, Alaska Airlines, Azul Brazilian Airlines, Frontier Airlines, Porter Airlines
- Cruise Lines: Hurtigruten, MSC Cruises, Uniworld, Virgin Voyages
- Tour Operators and Travel Agencies: Air Canada Vacations, CostSaver, Grand European Travel, Insight Vacations, Transat, Trafalgar
Unlike other Buy Now, Pay Later solutions that drive customers to their own marketplace, Uplift works with merchants to reinforce merchant loyalty and repeat purchases. Consumers simply select Uplift Pay Monthly at checkout when booking their trips.
Buy Now, Pay Later is already enjoying explosive growth in the retail space and becoming a mainstream part of eCommerce for Millennials and Gen Z consumers. Buy Now, Pay Later is expected to grow from 0.9% of eCommerce transactions in North America in 2020 to 3% by 2023. (Worldpay Retail Global Payments Report 2020) Travel brands are the next big growth opportunity and see Buy Now, Pay Later as a marketing strategy to capture increased leisure traveler demand. This is especially important in today's economic environment as consumers look to manage their expenses over time.
Uplift has also expanded its existing partnerships with the addition of new products and payment plan options:
- Interest-free financing with Carnival Cruise Line, CheapCaribbean, and Apple Vacations
- Flexible payment terms with CheapCaribbean, Apple Vacations, World Travel Holdings, and Universal Parks and Resorts Vacations
- Zero down payment options with Frontier Airlines, Volaris, Aeromexico, and Spirit Airlines
In addition, the company is also announcing a new Board Member, Jeffrey Power, who manages Apple's $200B+ investment portfolio as the Head of and Chief Investment Officer of Braeburn Capital, an Apple Inc. company.
About Uplift
Uplift is the leading Enterprise Buy Now, Pay Later solution serving more than 150 of the world's top travel brands. Through personalized, flexible payment options, Uplift helps consumers take control of their budget and experience a world of travel. With a complete range of payment options, Uplift drives higher conversion, revenue, and customer loyalty for their merchant partners. To learn more, visit Uplift.com
SOURCE UpLift
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