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Innovation

Myer to let customers buy now, pay later

Myer will soon let online shoppers check out with Afterpay, becoming the latest retailer to get behind the buy now, pay later trend. The partnership will run over a two-year period.

This represents a significant new partnership for the payment platform, which works with over 3100 retailers and has over half a million users in Australia.

Afterpay managing director Nick Molnar said the way people in Australia shop is changing – they want options and to be in control of the shopping and purchasing process.

“We feel privileged to work with Myer, one of Australia’s most iconic retail brands, and are excited to introduce Myer’s online customers to the benefits of Afterpay.

“The partnership with Myer will give customers even greater choice over their Afterpay purchases,” he said.

Going forward, Afterpay is heavily focused on expanding to broader retail categories and consumer demographics. It sees the substantial uptake of the buy now, pay later trend as reinforcing this vision.

Most Afterpay users are millennials, who are great spenders, while also being price conscious and savvy.

However, the payment provider says more meaningful spenders – Generation X and Baby Boomers – are increasingly embracing the service.

Afterpay has a strong pipeline of leading brands and says integrations are proceeding with retailers. Recent adopters include: Telstra, Booktopia, 2XU, Running Bare, Tarocash and Alannah Hill.

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