Stripe Partners Australia’s Afterpay to Offer BNPL Servicesby Fintech News Singapore February 24, 2021
Buy Now, Pay Later (BNPL) platform Afterpay will be offering its payment services to Stripe merchants through a seamless integration.
The partnership enables both new and existing Stripe merchants to offer Afterpay services which allows their shoppers to pay in four installments, without the need to take out a traditional loan or pay upfront fees or interest.
Stripe claims that businesses can start accepting Afterpay in minutes as there is no application, onboarding, or underwriting process to get started.
Afterpay and Stripe are also extending the payment service to major e-commerce platforms with Squarespace, an all-in-one website building platform, being the first to leverage the partnership and offer Afterpay to its customers.
Stripe merchants in Australia, New Zealand and the US can now integrate Afterpay, and will be available to merchants in the UK and Canada soon.
Squarespace offers the combined integration of Stripe and Afterpay to their Commerce customers in Australia, New Zealand and the US, and will be available to Canadian customers soon.
“Stripe is delighted to partner with Afterpay to make it easy and fast for online businesses to offer their customers Buy Now, Pay Later.
We’ve seen strong demand from users around the world for flexible payment options, and this partnership gives businesses on Stripe an effective tool for capturing more sales and reaching new customers,”
said Noah Pepper, Stripe’s Business Lead for APAC.
“Millennial and Gen Z consumers are demonstrating a clear preference for flexible payment options that allow them to budget and spend responsibly.
By partnering with Stripe and Squarespace, we’re equipping retailers with the tools to meet this consumer demand – offering the younger generation a way to use their own money and pay over time, always free of interest.”
said Ben Presseley, Afterpay’s SVP of Global Sales Strategy and Operations.
Recently, the Monetary Authority of Singapore raised concerns over rising consumer debt due to BNPL schemes and is considering the appropriate regulatory approach.
Featured image: Edited from Afterpay