Thunes partners with Clearpay for Buy Now Pay Later services
The consumer payments industry has long enjoyed the Buy Now Pay Later (BNPL) services and now commercial payment companies are bringing this service to their merchants and business clients to replicate the success and ease working capital and cash flow needs. The initiatives pose a competitive threat to commercial cards.
This week, Singapore-based cross-border payments network Thunes has announced the partnership with the UK and European arms of Afterpay Limited, Clearpay.
Under this partnership, Thunes would be able to offer Clearpay’s BNPL services to its network of gateway, merchants and marketplace partners.
As citing a case in the announcement, the rise of BNPL in Europe amongst consumers allowed for payment expansion with compounding growth of 30.8% from 2022 to 2028.
Christophe Bourbier, CEO, Thunes Collections noted the case for the partnership and cited the importance of partnership as “BNPL solutions are seeing accelerated adoption and strong consumer demand” and these products “demonstrate significant potential for our merchants and partner”
Adding further, the CEO said that this would provide opportunities for “revenue growth, enhanced customer experience, and overall generate positive economic impact” and with the partnership with Clearpay, the company “anticipate significant demand for their service from our merchants”.
In recent news, Thunes expanded further in Asia and prior to that Thunes was approved for a payments license in Singapore.
Thunes is registered with the Monetary Authority of Singapore and the Financial Conduct Authority in the United Kingdom. The company is present in 110 countries that send and receive funds internationally.