Afterpay US rewards on-time payments with new loyalty programme

Friday 24 July 2020 10:35 CET | News

‘Buy Now, Pay Later’ payments company Afterpay has launched a loyalty programme, called Pulse, which rewords customers who spend responsibly.

According to the press release, unlike credit card schemes, which reward consumers for increasing their spending, Afterpay rewards responsible spending.

The initiative comes to support Millennials and Gen Z, who are making a conscious choice to use debit cards, yet their decision of spending their own money is not rewarded. In 2020 alone, approximately 90% of Afterpay's global customers have used debit cards to make purchases. Similarly, in its most recent SEC filings, Visa reported a sharp decrease in US credit card usage versus debit. US credit card volumes declined by 21% in May year-over-year, while debit card volumes grew 12%. 

Consequently, by offering Pulse, Afterpay is rewarding consumers for paying in a way they prefer, with their debit cards, while also discouraging the use of expensive loans with interest, fees, and revolving and extended debt. 

The new offering is available in the US and includes several benefits, such as:

  • no payment up front on eligible purchases;

  • ability to shop with 50 top retailers such as Sephora, Macy's and West Elm, and pay in four interest-free instalments;

  • increased payment flexibility for Pulse members;

  • access to exclusive discounts, promotions, and new product launches.

Furthermore, Pulse offers retail partners an opportunity to reach the world's highly engaged, high frequency consumers – Millennial and Gen Z shoppers who prefer Afterpay and spend responsibly.  

Eligible US customers will receive an email inviting them to join the Pulse programme. Pulse will be available in Australia and New Zealand in the coming weeks and available in the UK in the coming months. 

More: Link

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Keywords: Buy Now, pay later, Afterpay, launch, Pulse, US, rewards programme, loyalty programme, credit card schemes, responsible spending, Millennials, Gen Z, debit cards, Visa, credit card, eligible purchases, Sephora, instalments, retail, Australia, New Zealand, UK
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce