Boohoo onboard as Afterpay Touch Group touches down in UK
Australian PayTech firm, Afterpay Touch Group has made its first move into Europe with backing from Boohoo and Urban Outfitters.
The venture launched four years ago and now partners with over 30,000 merchants to offer an interest-free, debit-by-instalment service. Four million-plus people are currently using Afterpay in the US, Australia and New Zealand.
This is now being introduced to the UK under the Clearpay brand, which Afterpay acquired last year. David Hayne, Group Chief Digital Officer at Urban Outfitters, comments: “Afterpay purchases see the lowest return rates of all our supported payment types in the US.”
“The Clearpay platform is unlike anything on offer in the UK, offering people greater flexibility to budget and pay for goods and services,” claims UK CEO Carl Scheible. “By trusting consumers to repay free of charge, it turns accepted wisdom in financial services on its head.”
“Young people are looking for new ways to pay which resonate with the beliefs, attitudes and acceptance of new technology that characterises their generation. It has long been predicted that payment systems will revolutionise the provision of financial services – and we believe this is it.”