Customers at more than a dozen stores in Westfield’s London and Stratford City shopping malls can now use a buy now, pay later (BNPL) option while shopping, Bloomberg reported on Wednesday (April 6).
Clearpay Finance Solutions, a payment processing provider based in Manchester, England, has partnered with mall owner Unibail-Rodamco-Westfield SE. The report added that the French commercial real estate company continues to expand BNPL to physical stores around the world.
Clearpay, known as Afterpay outside of Europe, is collaborating with Westfield to give shoppers more in-store payment options as the retail sector recovers from the pandemic, Co-Founder and Co-CEO anthony eisen he told the news outlet.
“We are fully committed to the UK market and looking to grow the team,” he said.
Clearpay said it has 2.5 million customers in the country, and Eisen said BNPL could soon account for 10% of e-commerce spending, the report noted. Spending networks like Klarna and Affirm continue to grow as younger customers prefer to spread the cost of purchases without using credit cards.
Eisen said he welcomed the regulation, saying the process had been engaging and learning. At the recent Global Innovate Finance Summit in London, Eisen said the discussions in the UK are like the talks in Australia.
Up to 20% of Australians use BNPL. The payment plan is different from credit cards, and Eisen said it generally covers smaller purchases and faster payments.
“We recognize that millennials and Generation Z don’t want to sit in a world of revolving debt,” he added.
Last month, Clearpay and cross-border payment platform Thunes also formed a BNPL partnership.
See also: Cross-border payment platform Thunes partners with Clearpay on BNPL
The partnership allows Thunes to offer Clearpay’s BNPL product to its network of portals, merchants and marketplace partners, the company said.