Afterpay, a ‘buy now, pay later’ payments service, unveils cross border commerce for merchant partners that would allow them to open their e-commerce site to consumers in Australia, Britain, Canada and New Zealand.
The cross border commerce extends the opportunity for the retailers to open their storefronts to consumers.
It allows the consumers to pay in their currency without having to pay any currency conversion or set-up fees. They will also be able to pay in installments without fees, interest or revolving and extended debt.
The company released cross border shopping in Australia and New Zealand (ANZ) in March 2019. This resulted in an almost 576 per cent growth in year-on-year sales.
“Cross border trade allows retailers to open their storefronts to the world – delivering new customers, higher conversion and ultimately more merchant sales, without additional set-up costs or fees,” said Nick Molnar, Afterpay’s Co-founder and CEO of North America.
According to Afterpay, cross border shopping represents a US $ 1 trillion gross merchandise value opportunity.