Square launches its first integration with Clearpay in the UK, providing “Buy Now, Pay Later” (BNPL) functionality to sellers across online and in-person commerce.
This marks another key milestone in the global integration of Clearpay (known as Afterpay outside the UK and Europe) following the acquisition of Afterpay by Block, as the UK will be the first market to launch BNPL available across all platforms at the same time, including in-store, online and can also be integrated by Square’s developers and partners.
The integration will enable Square sellers in the UK to offer a BNPL solution that allows customers to pay in four interest-free instalments over a six-week period while merchants get paid right away.
. For online purchasing, Clearpay will now be embedded as a payment option within Square Online’s checkout system, giving sellers the opportunity to improve their average purchase size, increase basket conversion and attract more customers.
. Sellers will be able to accept Clearpay in-person at the buyer checkout stage through any Square point of sale software – Square Point of Sale, Square Appointments, Square for Retail, and Square for Restaurants.
. Developers can consolidate transaction data and build and maintain a single integration for Square and Clearpay payments with a few lines of code within the Square Web Payments SDK.
. Sellers who accept payments via Square’s Virtual Terminal dashboard can offer Clearpay via text message Pay Links or by using Square Terminal hardware.
The BNPL model is the UK’s fastest growing online payment method accounting for nearly £13 billion of UK e-commerce spend in 2021. It is projected to double in value by 2025 to account for 12.1 percent (nearly £32 billion) of UK e-commerce spend. Globally, BNPL is predicted to generate $680 billion in transaction volume worldwide in 2025.
______________
Square helps sellers more easily run and grow their businesses with its integrated ecosystem of commerce solutions. Square offers purpose-built software to run complex restaurant, retail and professional services operations, versatile e-commerce tools, embedded financial services, buy now, pay later functionality through Afterpay/Clearpay, staff management and payroll capabilities, and much more – all of which work together to save sellers time and effort.
Millions of sellers across the globe trust Square to power their business and help them thrive in the economy. Square is part of Block, Inc., a global technology company with a focus on financial services.
Afterpay, known as Clearpay in the UK and Europe, is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases over four instalments. The service is completely free for customers who pay on time – helping people spend responsibly by paying over four instalments without incurring interest. As of March 31, 2022, Afterpay is offered by more than 144,000 of the world’s favourite retailers and more than 20 million active customers have adopted the service.
Afterpay is currently available in Australia, Canada, New Zealand and the United States, and in the United Kingdom, France, Italy and Spain, where it is known as Clearpay. Afterpay is a wholly owned subsidiary of Block, Inc.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
