Afterpay, a digital platform that offers interest-free installment plans for online purchases, announced on Tuesday it will be offering “Buy Now, Pay Later” (BNPL) payments for physical retail stores in the U.S. market to shoppers paying with Google Pay.
Afterpay reported that under this new agreement its customers can buy items in retail stores using the Afterpay app by tapping their Android phone at the POS terminal.
“Just like using Afterpay online, customers can pay for their in-store purchases in four installment payments, without the need to take out a traditional loan or pay upfront fees or interest. The service is completely free for consumers who pay on time and is expected to be available in retail stores beginning in July of 2020.”
Select U.S. retailers Forever21, Fresh, and Solstice Sunglasses will begin offering Afterpay in their stores this month. Speaking about the agreement, Nick Molnar, Afterpay’s Co-founder and U.S. CEO, stated:
“Afterpay and Google Pay give shoppers the ability to choose either physical or online shopping while still being able to budget their own money and avoid expensive loans, interest and fees – which has shown to attract new customers and drive more sales conversion for our retail partners. We are thrilled to partner with Google to make shopping and paying in-store convenient, secure and contactless.”
As previously reported, Afterpay was founded in 2015 and reported its platform has grown to include more than 14,000 Australian retailers and brands including Sephora, Estee Lauder, Lululemon, Myer, The Daily Edited, and Stylerunner. Since launching in the U.S., Afterpay has processed more than 25% of all online fashion/beauty transactions. Since March, the company has increased its U.S. customer reach by 500,000, bringing the total number of U.S. shoppers who have used Afterpay to 1.5 million.