Afterpay has launched its European service, Clearpay, to merchants across Spain and France; Italian merchants will begin offering Clearpay in late March 2021.
According to the press release, Clearpay enters Southern Europe with several fashion, beauty, and lifestyle brands and retailers in the market. Globally, more than 75,000 retailers offer Clearpay, or Afterpay as it is known outside of Europe, to its more than 13 million active customers across the world.
Southern Europe has an addressable ecommerce market which exceeds EUR 150 billion across Spain, Italy, and France. With large Millennial populations, a strong fashion and beauty market, and significant consumer debit card usage, there is a strong opportunity to offer Buy Now, Pay Later (BNPL) services. By offering Clearpay in Europe, the company is able to support existing global retail partners who would like to offer the service to their customers across Europe.
Furthermore, thanks to Clearpay, shoppers have the ability to receive products immediately and pay in four instalments over a short period of time. The service is completely free for European customers – helping consumers spend money responsibly, without incurring interest or revolving and extended debt.
Overall, Clearpay enters the Southern Europe market after its recent acquisition of Pagantis, a Spanish-based payment company. Clearpay received regulatory approval from the Bank of Spain to offer its products across Spain, France, Italy, Portugal, and Germany.
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