Thunes, a global cross-border payments platform, announced a partnership with the Buy Now Pay Later (BNPL) services provider Afterpay Limited, known as Clearpay in the UK and Europe. Via this partnership, Thunes can now offer Clearpay’s BNPL solution to their expansive network of gateways, merchants and marketplace partners.
In Europe, BNPL is becoming increasingly popular among consumers and payment adoption is expected to have a compound annual growth rate of 30.8% from 2022 to 2028. In the UK for example, according to a report, commissioned by Clearpay, and produced by Accenture in December 2021, One in every £4 spent on fashion e-commerce, or 25% of fashion purchases in the UK, is now paid with BNPL. Furthermore, according to the latest global payments report, in the UK, the world’s third-biggest e-commerce market in approximation at £204 bn transacted in 2020, it is estimated that BNPL will account for 10% of all sales by 2024, when the overall e-commerce market will be worth £280 bn.
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“There are many reasons why this partnership is so important for Thunes: BNPL solutions are seeing accelerated adoption and strong consumer demand. Moreover, Buy-Now-Pay-Later solutions also demonstrate significant potential for our merchants and partners: they provide opportunities for revenue growth, enhanced customer experience, and overall generate positive economic impact. And ClearPay is a market leader in this industry, offering easy-to-use solution, so we anticipate significant demand for their service from our merchants,” said Christophe Bourbier, CEO, Thunes Collections.
Having acquired major Payment Institution Licences in Europe, Singapore and the UK, Thunes is able to offer global merchants, marketplaces and payment service providers the flexibility to accept and make cross border payments with this new BNPL solution.
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“In joining Thunes’ Payments ecosystem, we look forward to unlocking even more value for merchants and consumers across the globe. As younger shoppers embrace BNPL as a more convenient and safe form of payment, Clearpay has proven to be the payment platform of choice for these customers who are adverse to using credit products. Merchants too, have benefited greatly with improved basket conversion, brand exposure and lifts in average order value,” said Aida Faivre, Country Manager, France, Clearpay.
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