Clearpay, known as Afterpay outside of Europe, is extending its reach to Southern Europe with its ‘buy now, pay later’ payments service launching to merchants across Spain, France and Italy.
The service will launch initially with more than 300 fashion, beauty and lifestyle brands across Spain and France from this week and in Italy later in the month, explained Clearpay in a statement.
The move follows Clearpay’s acquisition of Pagantis, a Spanish?-based payment company, and receiving regulatory approval from the Bank of Spain to offer its products across Spain, France, Italy, Portugal and Germany.
Globally, more than 75,000 retailers offer Clearpay/Afterpay to its 13 million active customers across the world. In the first half of fiscal 2021, Afterpay delivered ?10.1 billion US dollars in global underlying sales on a constant currency basis.
“?In the last year, global e-commerce grew faster than it had in the last ten years,?” said Nick M?olnar,?? co-founder and co-chief executive of Clearpay in a statement?. ?”By introducing Clearpay, we are giving Europeans a better way to access the things they want and need in their lives via a flexible payment service that allows shoppers to spend their own money and pay over time ? instead of turning to expensive loans and credit cards which come with interest, fees and revolving debt.?”
Clearpay notes that Southern Europe has an addressable e-commerce market that exceeds ?150 billion euros across Spain, Italy and France. The region also has large millennial populations, a strong fashion and beauty market, and significant consumer debit card usage meaning that there is a “strong opportunity” to offer ‘buy now, pay later’ payment services.
Afterpay is currently available in Australia, Canada, New Zealand, and the US and in the UK, France, Italy and Spain, where it is known as Clearpay.
Image: courtesy of Clearpay