Customers at more than a dozen stores at Westfields shopping centers in London and Stratford City can now use the Buy Now, Pay Later (BNPL) option when shopping, Bloomberg reported on Wednesday (April 6).
Clearpay Finance Solutions, a payment processing provider based in Manchester, England, has entered into a partnership with the shopping center’s lessor, Unibail-Rodamco-Westfield SE. The report added that French commercial real estate company BNPL continues to expand into brick-and-mortar stores globally.
Clearpay – known outside of Europe as Afterpay – partners with Westfield to offer shoppers more in-store payment options as the retail sector recovers from the pandemic, Co-Founder and Co-CEO Anton Eisen said the news agency.
“We are fully committed to the UK market and want to expand the team,” he said.
Clearpay said it has 2.5 million customers in the country, and Eisen said BNPL could soon account for 10% of e-commerce spending, the report said. Spending networks like Klarna and Affirm continue to grow as younger shoppers prefer to spread the cost of purchases without using credit cards.
Eisen said he welcomed the regulation and said the process has been engaging and learnable. At the recent Innovate Finance Global Summit in London, Eisen said discussions in the UK were similar to talks in Australia.
Up to 20% of Australians use BNPL. The payment plan differs from credit cards, and Eisen said it usually covers smaller purchases and quicker repayments.
“We recognize Millennials and Gen Z who don’t want to be stuck in a world of revolving debt,” he added.
Last month, Clearpay and cross-border payment platform Thunes also entered into a BNPL partnership.
See also: Cross-border payment platform Thunes Teams with Clearpay on BNPL
The partnership allows Thunes to offer Clearpay’s BNPL product to its network of gateways, merchants and marketplace partners, the company said.