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In time for the start of holiday-shopping season, buy now, pay later provider Afterpay Ltd. has expanded its in-store presence. New retailers offering the service include Nordstrom and Nordstrom Rack, J.Crew, Madewell, and American Eagle. In addition, Afterpay will be available at airport and resort-casino specialty retailer Marshall Retail Group, including its InMotion locations.
The in-store expansion comes as research by Afterpay reveals that more than 25% of consumers are planning to make their holiday purchases primarily in-store, and nearly half are shopping early to ensure availability of the gifts they want to purchase. Nearly 6 million customers have added the Afterpay Card to their wallets to shop in person, the company says.
“The current economic climate and supply-chain issues have impacted the way consumers are shopping this holiday season, proving an even greater need for flexible shopping and payment options,” says David Di Bene, vice president of retail marketing for Afterpay.
As part of efforts to capture holiday spending, Afterpay is also partnering with mall operator Westfield Corp. to offer an augmented-reality scavenger hunt at participating Westfield shopping malls. Shoppers can scan QR codes through Westfield malls to find five so-called Afterpay Hidden Helpers throughout the mall, which will help shoppers unlock special deals and promotions at Afterpay-accepting retailers.
BNPL spending in the United States has increased more than twofold since the start of 2020, according to Accenture plc. Afterpay says it has helped consumers save up to $459 million in fees by using its BNPL service as opposed to credit cards.
In related news, Mastercard Inc. is expanding the roster of merchants and processors supporting its BNPL offering, Mastercard Installments. American Airlines, business-to-business payments platform Corporate Spending Innovations, Fiserv Inc., and TSYS will support Mastercard Installments, as well as Australian BNPL players hummgroup and Limepay.
