FinTech: Square Eyes UK BNPL Market With Clearpay Integration
Square now offers Buy-Now-Pay-Later in the UK in both online and in-person commerce.
Square has leveraged its acquisition of fintech Clearpay by integrating the latter’s BNPL functionality in all its platforms at the same time, including in-store, online, and integration by Square’s developers and partners. Square sellers in the UK can now offer a pay-later solution that allows their customers to pay for their purchases in four interest-free instalments over six weeks. Merchants, however, get paid right away. (Businesswire)
Square is moving to take advantage of the sharp growth of BNPL in the UK as an online payment method. During 2021, BNPL accounted for nearly £13 billion of UK e-commerce spend, and is projected to double in value by 2025 to account for 12.1 percent (nearly £32 billion).
Globally, in 2025, BNPL is likely to generate $680 billion in transaction volume. Meanwhile, in US and Australia, the Square-Clearpay integration has resulted in larger transaction sizes, influx of new buyers, and higher sales in the most important merchant categories.
“We’re thrilled to be integrating Clearpay both in-store and online in the UK,” said Alyssa Henry, Head of Square. “The integration across platforms furthers our goal to give sellers of all sizes omnichannel tools that help them to grow by meeting consumer shopping habits, whatever and wherever they are. Clearpay provides our ecosystem with a new tool beyond an alternative payment method; it enables an omnichannel commerce solution that can offer true value to our sellers.”
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