Afterpay, a digital platform that offers interest-free installment plans for online purchases, announced on Thursday it has introduced cross-border commerce for its merchant partners. Afterpay reported that specifically, merchants may open their e-commerce sites to Australian, British, Canadian, and New Zealand shoppers.
According to Aftepay research, cross border shopping represents a $1 trillion GMV opportunity, with retailers gaining access to Afterpay’s customers worldwide.
“Shoppers see items in their local currency and benefit from the flexibility and convenience of paying in four installments over time, without incurring interest, fees or revolving and extended debt. Participating retailers can open their store fronts to these shoppers without paying set up or currency conversion fees.”
Speaking about the launch, Nick Molnar, Afterpay’s Co-Founder and CEO of North America, stated:
“Cross border trade allows retailers to open their storefronts to the world – delivering new customers, higher conversion and ultimately more merchant sales, without additional set-up costs or fees. We are particularly excited to offer cross border capabilities at a time when consumers are buying online more than ever and in advance of this busy holiday shopping season.”
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. Afterpay recently announced it launched its services in Australia and Canada.