Clearpay hits two million customer milestone and unveils Pay Better campaign

Buy now pay later specialist Clearpay has reached two million active customers in the UK.

The venture, which is known as Afterpay outside the UK and Europe, made the announcement as it launched a Pay Better campaign.

According to a press release, this aims to “shine a light on the ways consumers can reclaim control of their financial lives and not just pay later, but pay better”.

It includes a multi-million pound investment in digital, social and out-of-home creative, featuring the likes of billboards, taxi wraps and bus wraps.

The campaign can be seen in more than 17 markets worldwide, including London, Manchester, Birmingham, Leeds, Liverpool, and Nottingham in the UK.

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Clearpay’s Head of UK Rich Bayer says: “It is an exciting time for us, hitting our two million customer milestone alongside our Pay Better campaign launch.”

“All of this comes just as we are reaching our two year anniversary in the UK. We are excited by the growth and opportunity in this market, and look forward to offer a way to pay that empowers customers to budget and pursue financial wellness.”

Trouble ahead?

Global spending via e-commerce buy now pay later services will reach $995 billion in 2026, from $266 billion in 2021, according to Juniper Research.

This will be fuelled by a greater appetite from users for credit to spread costs, particularly in the wake of the coronavirus pandemic.

At the same time, however, there has been increasing political and regulatory scrutiny of buy now, pay later companies in recent times, based around concerns that they tempt consumers to purchase goods they cannot afford.

As a result, Clearpay’s Pay Better initiative is not the only charm offensive in town.

Klarna, for instance, has been taking aim at traditional banks and credit card companies with a UK campaign titled #WhyPayInterest.

Running across OOH, online, on social media and in print, this aims to highlight the difference between BNPL products and traditional credit cards, challenging what Klarna calls “outdated business models and products that don’t serve consumers’ best interests”.