Afterpay launches European service across Spain, France and Italy

By Megha Bhattacharya

Afterpay, a Buy Now Pay Later platform, announced the launch of its European service Clearpay to merchants across Spain, France and Italy. The company stated that by offering Clearpay in Europe, the company is able to support existing global retail partners who would like to offer the service to its customers across Europe.

“In the last year, global e-commerce grew faster than it had in the last ten years,” said Nick Molnar, Co-founder and Co-CEO of Clearpay. “By introducing Clearpay, we are giving Europeans a better way to access the things they want and need in their lives via a flexible payment service that allows shoppers to spend their own money and pay over time – instead of turning to expensive loans and credit cards which come with interest, fees and revolving debt.”

According to Afterpay, Clearpay allows shoppers to have the ability to receive products immediately and pay in four instalments over a short period of time. The service is completely free for European customers, helping consumers spend money responsibly, without incurring interest or revolving and extended debt. More than 90 per cent of Clearpay global purchases are made with debit cards.

Clearpay enters the Southern Europe market after its recent acquisition of Pagantis, a Spanish-based payment company. Clearpay received regulatory approval from the Bank of Spain to offer its products across Spain, France, Italy, Portugal and Germany.