Australian payment plan provider, Payright is extending its buy now pay later (BNPL) service into New Zealand with Saladmaster cookware, Amway health and beauty products and Nutrimetics skincare, among the brands already on the platform in Australia.
The New Zealand expansion follows rapid growth in the Australian market. In its first three years, Payright gained over 28,000 customers and acquired over 1,600 merchants.
Established by brothers Piers Redward and Myles Redward, Payright enables merchants to offer a BNPL flexible payment option to their customers for transactions from $1,000 up to $20,000 spread over time without interest. Merchants are paid upfront and in full on the same day and Payright manages the customer’s repayments. The average transaction size is around $2,500 and terms can vary from two months to 36 months.
Payright co-founder and joint CEO, Myles Redward said there was a clear growth in the BNPL space across the New Zealand market.
“We are excited to introduce Payright to New Zealand merchants and consumers and our expansion into New Zealand is a natural extension into a market with an appetite for flexible and affordable payment options,” he said.
“Like Australia, there is an untapped opportunity in New Zealand to provide a BNPL instalment payment plan for considered purchases up to $20,000, particularly for underserviced sectors such as home improvement, photography, dental and health and beauty – this is the gap we have identified in the market and one that we intend to continue to fill.”
Payright co-founder and joint CEO, Piers Redward added, “We are seeing an increasing societal trend for spreading the cost of purchases and living expenses – consumers are moving away from credit cards with high fees and embracing more cost effective services such as BNPL. We have also conducted extensive research around consumer spending patterns and the trend towards BNPL as a form of payment rather than traditional payment methods such as cash and credit cards is on the rise – we expect that trend will continue into the future.”
While BNPL services have been more common among retailers selling fashion, appliances and electronics, Payright is developing the category in the services market including plumbers, photographers, dentists and beauty therapists.