Retailers can access Afterpay from the Square Online dashboard, which gives shoppers the option to pay for items with four interest-free instalments. Afterpay will also be available on Square’s developer platform and for in-person payments in the near future.
According to the press release, usage of BNPL services has been growing rapidly in the US. Retailers including Amazon, CVS, Kroger, Macy’s, Nike, and Walgreens have all added the option through partnerships with Afterpay, and a study by FIS found that BNPL transactions accounted for 29.3% of US ecommerce share in 2020, up from 23.7% in 2019.
Afterpay company officials stated that in joining with Square, the company can now give more small and midsize sellers the tools to attract young, engaged shoppers who prefer Afterpay, and help these sellers compete alongside businesses of all sizes.
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