PARIS—Thunes, a global cross-border payments platform, has announced a partnership with the buy now, pay later (BNPL) services provider Afterpay Ltd., known as Clearpay in the U.K. and Europe.
Via the is partnership, Thunes said in a statement it can now offer Clearpay's BNPL solution to its network of gateways, merchants and marketplace partners.
In Europe, BNPL is becoming increasingly popular among consumers and payment adoption is expected to have a compound annual growth rate of 30.8% from 2022 to 2028.
In the U.K. for example, according to a report, commissioned by Clearpay, and produced by Accenture in December 2021, one in every £4 spent on fashion e-commerce, or 25% of fashion purchases in the U.K., is now paid with BNPL.
In addition, according to the latest global payments report, in the U.K., which is the world's third-biggest e-commerce market in approximation at £204 billion transacted in 2020, it is estimated that BNPL will account for 10% of all sales by 2024, when the overall e-commerce market will be worth £280 billion, Thunes said.
Importance of Partnership
"There are many reasons why this partnership is so important for Thunes: BNPL solutions are seeing accelerated adoption and strong consumer demand. Moreover, buy now, pay later solutions also demonstrate significant potential for our merchants and partners,” said Thunes CEO Christophe Bourbier. “They provide opportunities for revenue growth, enhanced customer experience, and overall generate positive economic impact.”
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