DISTRIBUTED-WORK-MODEL/SAN FRANCISCO--(BUSINESS WIRE)--Today, Afterpay announced a slate of new merchant partnerships, empowering younger consumers to spend within their means through Afterpay’s flexible financial platform. For purchases big or small, consumers can now select Afterpay at checkout to spread their payments out in installments at Diane von Furstenberg, Diggs, For Eyes, HanesBrands, Kendra Scott, Made In Cookware, Molekule, Myka, Namawell, Oak & Luna, Poly & Bark, Shop Premium Outlets, Tornado Bus Company, and many more.
"Afterpay allows us to offer health-conscious consumers an additional checkout and payment experience we couldn't offer before. This partnership has enabled us to expand access of our products to a larger customer demographic who are looking for flexibility by paying over time," said Kristian King, eCommerce Site Manager for Molekule.
Since Afterpay entered the U.S. market in 2018, it has expanded its merchant network and vertical offerings to accommodate the growing desire from next gen consumers to shop and spend more responsibly beyond fashion and beauty products. Based on Gen Z and Millennial spend, the largest Afterpay item categories were arts, travel, & entertainment; home & garden; hardware; health & beauty; and electronics in 2023.1 Additionally, 67%2 of customers indicated they would use Buy Now, Pay Later (BNPL) more if it were more widely available, with demand being higher among Gen Z and Millennials. This comes at a time when next gen shoppers are actively looking for more money management tools to help them navigate the lingering impacts of inflation.
“Younger consumers have faced many financial challenges over the past few years, fueling the growth of alternative payments like Afterpay. Our goal is to not only offer more transparent payment options, but to also promote a healthy and responsible customer base. Because of this philosophy, BNPL customers recognize Afterpay as the most trusted and used brand among those who have tried it, and our merchants have seen the incremental value of having Afterpay with more frequent customers and lower return rates,” said Alex Fisher, Head of Revenue, Afterpay and Cash App.
As an alternative to traditional credit, Afterpay was founded on the principle of financial inclusion and built to help people spend responsibly, with customer protections built-in. As of the fourth quarter of 2023, 98% of Afterpay purchases did not incur late fees and 95% of installments were made on time.3 Afterpay customers also indicated that using the service has helped them reduce financial stress (77%), better manage their finances (67%), and save more (60%).2
Download the Afterpay app on iOS and Android to access all available merchant partners.
About Afterpay
Afterpay is transforming the way we pay by allowing customers to buy products immediately and pay over time - enabling simple, transparent and responsible spending. We are on a mission to power an economy in which everyone wins. Afterpay is offered by thousands of the world’s favorite retailers and used by millions of active global customers. Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay. Afterpay is a wholly owned subsidiary of Block, Inc. (NYSE: SQ).
1 Afterpay U.S. data analyzed in 2023 excluding apparel and accessories
2 Oxford Economics, The Economic Impact of Buy Now, Pay Later in the US
3 Block Q4’23 results