Afterpay partners with Gap Inc. to bring flexible spending to shoppers
By Pavithra R
Afterpay, a leading “Buy Now, Pay Later” (BNPL) service provider, has announced partnering with Gap to bring flexible spending to Gap, Old Navy, Banana Republic, and Athleta shoppers in time for the holidays.
Under the partnership, consumers who shop these brands online will now have the option to choose Afterpay at checkout to pay in 4 interest-free installments.
Afterpay’s addition of Gap is part of its successful first quarter, during which the company’s active customers grew to 6.5 mn in the U.S. market, averaging 15,000 new customers per day.
“Collaborating with Afterpay gives our customers the power of choice when shopping across our family of brands. By adding Afterpay to our other payment options, we’re able to provide a more customized shopping experience, give our customers additional convenience and control, and reach a younger demographic who may not have been able to shop with us before,” said John Strain, Chief Digital and Technology Officer at Gap Inc.
Gap’s e-commerce platform enables customers to shop across Gap, Banana Republic, Old Navy, Athleta, as well as Gap Factory and Banana Republic Factory, and check out, all in a single transaction. The integration of Afterpay is part of Gap’s strategy to offer customers more freedom and flexibility when shopping online.
“We are proud to partner with Gap Inc. to bring Afterpay to such a powerful set of brands and their customers. This partnership stems from our shared desire to enhance the digital shopping experience for the very valuable Millennial and Gen Z consumer who prefer to spend their own money and pay over time with Afterpay,” said Melissa Davis, Afterpay’s Head of North America.
Founded in 2017, Afterpay has transformed the way people pay by allowing shoppers to receive products immediately and pay in four simple installments over a short period of time. The firm first introduced its in-store solution in Australia and New Zealand (ANZ) in 2016. According to company data, as of Sept 30, 2020, Afterpay is offered by nearly 63,000 of the world’s favourite retailers and is used by more than 11 mn active customers globally.
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