Square enters the UK buy now, pay later market through Clearpay
Popular payment platform Square is the latest contender to reveal its buy now, pay later plans for the UK after launching in the US and Australia.
A year after acquiring the buy now, pay later (BNPL) service Clearpay, Square has announced that it will offer BNPL both online and in stores through retailers using its payments platform. The company has not announced the official launch date.
Alyssa Henry, head of Square, said that the launch will enable its “sellers to accept any payment method [and] is critical to ensuring they never miss a sale”.
Customers will be given the option to split their bill into 4 interest-free instalments over 6 weeks, while sellers will be paid in full, “immediately”.
Square estimates that customers spend 40% more with the BNPL option.
What is buy now, pay later?
BNPL is a form of alternative lending that allows customers to spread the cost of purchases through instalments, while the merchants get paid in full, upfront. It diminishes the need for personal loans or credit cards and can have zero fees for the customer (as long as they repay their debts on time).
To learn more about buy now, pay later, read Finder’s BNPL guide.
- Warning: Late repayments can cause you serious money problems. For help, contact the MoneyHelper.