Payments giant Square has revealed its sellers in the UK will now be able to offer "buy now, pay later" (BNPL) options thanks to a new partnership.
The company has launched its first integration with Clearpay, meaning Square sellers in the UK can now offer a BNPL solution where customers can pay in four interest-free instalments over a six-week period.
“We’re delighted to make Clearpay available to Square’s sellers to help them grow their businesses," said Rich Bayer, UK Country Manager at Clearpay. "These businesses can now offer more payment flexibility to their customers via Clearpay, giving them the tools to attract young and engaged shoppers who want BNPL as their preferred payment method.”
Square UK BNPL
Square says the move, which is the first in the world to combine across in-store and online, will bring a number of benefits to sellers across the UK.
Clearpay is available now to UK Square sellers, with BNPL having seen a huge surge in growth in recent months as consumers look to spread the cost of major purchases.
Square says it has already seen a surge in business for sellers in other markets adopting the technology. Recent research found BNPL is the UK’s fastest growing online payment method, accounting for nearly £13 billion of ecommerce spend in 2021.
This growth is projected to extend even further, with Square estimating it will double in value and account for nearly £32 billion of UK ecommerce spend by 2025.
“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."
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