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Afterpay unveils first US-based in-store solution

Nov '18
Courtesy: Revolve
Courtesy: Revolve
Afterpay, an innovative digital platform that offers interest-free installment plans for online and in-store purchases, has unveiled its first US-based in-store solution at the Revolve pop-up shop in New York City. Afterpay has recently expanded into the United States and has already signed more than 1,000 retailers and brands to come live on its platform.

Those who have joined Afterplay include Urban Outfitters and Rebecca Minkoff in addition to Revolve.

Revolve, the next generation retailer for fashion-savvy millennial consumers, will host its first ever pop-up shop in NYC from October 23 through October 28, 2018 as part of its #REVOLVEaroundtheworld initiative.

“Customers around the world have embraced the Afterpay model for online purchases and we are now excited to offer the same easy, seamless, interest-free installment option to customers in-store at the Revolve pop-up,” said Nick Molnar, CEO and co-founder of Afterpay. “Launching at this store is important to us for two reasons. First, it demonstrates our continued expansion into the US retail market, which has been going extremely well as the US and Australian markets are quite similar. And second, it is further proof that our payment platform, which has been so successful for online purchases, can seamlessly be integrated for in-store purchases as well.”

The introduction of Afterpay in Revolve’S NYC pop-up will provide Revolve’s customers with additional benefits beyond the interest-free installment plans, including a dedicated checkout line for Afterpay customers and a 10 per cent discount on all purchases.

“Since July, Afterpay’s payment solution has provided our ecommerce customers the ability to purchase products they would otherwise have had to save up for before purchasing,” said Mike Karanikolas, Co-CEO and co-founder of Revolve. “We’re excited to bring this same functionality to our in-store customers at our NYC pop-up shop. We are committed to providing our millions of customers with the best possible shopping experience, both online and in-store, and providing a simple, responsible and rewarding payment option is a critical part of this strategy.”

Afterpay enables shoppers to receive products from retailers immediately and pay for them in four interest-free installments, with no requirement to enter into a traditional loan or pay any upfront fees. The company was named one of Australia’s fastest growing fintech companies by IDC. In total, the company has more than 17,000 retailers and more than 2.3 million customers, while processing more than 25 per cent of all online fashion/beauty transactions in Australia for well-known brands such as Estée Lauder, Lululemon, Myer, The Daily Edited and Stylerunner. (SV)

Fibre2Fashion News Desk – India

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