UK-based OnBuy has partnered with Buy Now, Pay Later (BNPL) provider Clearpay to add additional payment options at checkout, the company has announced.
Clearpay customers can now choose to split their payments into four interest-free installments paid over six weeks. This will be applicable to the majority of products on OnBuy’s online marketplace, the companies said.
As part of the deal OnBuy is also now listed on Clearpay’s Shop Directory. A recent OnBuy customer survey showed that 20% of people prefer to shop with a retailer that offers their preferred payment method. OnBuy said a key motive behind the partnership was the ability to meet demand for online shopping convenience by offering increased payment choices.
“We’re more committed than ever to transforming the OnBuy shopping and selling experience, and that’s why we’ve chosen to offer even more payment methods at the checkout,” said OnBuy Founder and CEO Cas Paton.
He added: “Our customers have asked for the flexibility to make purchases in a way that suits them, and we’re excited to be able to respond by launching Clearpay across our site. Partnering with Clearpay also benefits our sellers, as more choice for our customers ultimately results in more sales overall.”
Globally, shoppers have increasingly been opting for buy now, pay later services that allow them to pay for purchases over time. A recent Adobe Analytics report showed groceries’ share of BNPL orders in the U.S. grew by a staggering 40% in the first two months of 2023. In Europe, a range of platforms have implemented BNPL services in the last twelve months.
“With 14% of online purchases being made using Buy Now, Pay Later in March this year, this innovative payment method is highly valued to consumers who want to manage their spending responsibly.
“With our inbuilt protections, OnBuy customers can pay for products safe in the knowledge that they cannot build up revolving debt that comes with high-interest credit cards,” Clearpay’s UK and EU Country Manager, Rich Bayer, said.
