Afterpay, a global fintech payment platform with the concept of “Buy Now Pay Later” from Australia which already has offices in the US, Canada and the UK under the name Clearpay, on Monday (15/3) announced its expansion into the Southern European market.
As an initial stage, Clearpay first worked on the Spanish and French markets, then followed Italy at the end of the month. The expansion will strengthen Afterpay’s user base in the global market, which currently numbers more than 13 million customers and 75,000 active retailers.
In addition, Clearpay’s presence in the Southern European market is also expected to be able to boost Afterpay’s revenue which during the first half of the fiscal year 2021 reached US$10.1 billion. Moreover, the markets of Spain, Italy and France have e-commerce markets that are worth more than US$178 billion.
In this market, Clearpay enters through fashion, beauty and lifestyle retailers. The reason is, with a large millennial population, the fashion and beauty market in Southern Europe will be very potential, with the use of consumer debit cards also quite strong. That’s where Clearpay’s opportunity to offer “Buy Now Pay Later”.
The advantage for consumers when buying products using the Buy Now Pay Later payment facility is that they have the opportunity to get products faster by paying them in four instalments after that.
“Last year, global e-commerce grew faster than the last 10 years,” said Nick Molnar, co-founder and co-CEO of Clearpay. “By introducing Clearpay, we’re giving Europeans a better way to access the things they want through flexible payments.”
European markets have begun to stretch after more than a year of being hit by the COVID-19 pandemic. Vaccination programs make people more confident about returning to their activities and shopping, even though they shop through e-commerce. This positive market movement has allowed Clearpay to be used by more people in the region.