Afterpay has partnered with the world’s largest merchant acquirer and fintech for global payments, Worldpay from FIS, to help realise cost and scale synergies, as well as accelerate international expansion.
Worldpay Merchant Solutions at FIS managing director for international markets, Phil Pomford said the partnership will see Afterpay take advantage of Worldpay’s global scale to help drive their international expansion plans.
“According to our 2020 Global Payments report, Buy Now Pay Later (BNPL) is the fastest growing online payment method in Australia and will account for almost 20% of ecommerce payments by 2023,” he said.
“Globally, our merchant solutions business is seeing an increasing popularity among consumers for BNPL payment methods, and we have seen year-on-year transaction volumes increase by 102.3%, and turnover 129.3%, globally. We look forward to partnering with Afterpay to deliver education, innovation and adoption in this space.”
Worldpay from FIS recently released its 2020 Global Payments Report, which found that nearly two million or one in 10 Australians used a BNPL product such as Afterpay in 2019, with BNPL accounting for 8% of ecommerce transactions in 2019, up from 3% in 2018.
The report also revealed that BNPL products will double market share with over four million or one in five Australians tipped to use the service by 2023.