FinTech: Square Eyes UK BNPL Market With Clearpay Integration

August 23, 2022 | FinTech, News

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.”

Related Story: Square Inc, The Company, Renames Itself Block

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News©ParisTsitsosforLivinFarms-scaled.jpg
Venture Capital: LIVIN Farms, A Provider Of Bugs On Subscription, Raises €6M Series A

LIVIN Farms, an industrial technology provider in the alternative protein industry, has developed HIVE PRO, a fully automated process that allows waste management companies and large scale food producers to…
Digital Assets: Sam Bankman-Fried’s FTX US Wins Auction For Voyager Digital’s Bankruptcy Assets With $1.4B Bid
September 28, 2022     Digital Assets, News

West Realm Shires Inc., dba FTX US, has won the bankruptcy auction for the assets of Voyager Digital with a bid of about $1.422 billion. It was held to be…
Artificial Intelligence: Clearview Nabs Patent For Technology That Creates Bias-Free Algorithms

Clearview AI announced its win of the “Scalable Training Data Preparation Pipeline And Efficient Distributed Trainer For Deep Neural Networks In Facial Recognition” patent (U.S. Patent No. 11,443,553) issued by…
Alternative Investments/ESG: The Newday Sustainable Development Equity ETF

Newday offers portfolios addressing the world’s most pressing environmental and social issues including climate action, ocean health, clean water, diversity, equity and inclusion, wildlife conservation and animal welfare, and stakeholder…