Australian Company Buy Now, Pay Later (BNPL) Afterpay, Tuesday August 24 announcement the launch of Afterpay Ads. The new advertising solution allows brands to place featured ads on the Afterpay app to improve promotions, products and retailer offerings on a pay-per-click basis.
The ad addition is aimed at helping retailers reach Gen Z and Millennial shoppers, according to the company. The Afterpay platform sees an average of one million referrals per day from the Afterpay Shop directory. Of those, around 55% are from the Afterpay app, the company said in the Press release.
“Our merchant partners already rely on Afterpay as one of their most valuable channels to acquire and reach the next generation of buyers – the Generation Y and Generation Z buyers, who account for the vast majority of the power of buying in the market today, “said Mark Teperson, Director of Strategy for Afterpay. “Afterpay ads unleash the power of our ecosystem by providing brands with a new way to promote products, collections and offerings to Afterpay’s young, highly engaged buying audience. “
Afterpay is available in Australia, Canada, New Zealand, United States and United Kingdom, France, Italy and Spain, where it is known as Clearpay.th To start with Afterpay Ads, businesses choose the products they want to feature through sponsored ad formats, including deals, products, and collections, and then pay a fee when a buyer interacts with the ad.
Tuesday’s announcement follows the recent addition of Afterpay’s merchant analytics platform, Afterpay iQ, as reported by PYMNTS. The artificial intelligence (AI) -based platform provides analysis of various operations, including omnichannel shopping quantities, specialized store-by-store demographics, and real-time data available through the open-source user interface -service.
Read more: BNPL Firm Afterpay launches data platform for merchants
Earlier this month, payments giant FinTech Square announced it would buy Afterpay as part of a $ 29 billion stock deal, PYMNTS reported.
See Also: BNPL Takes Next Dramatic Turn As Square Buys Afterpay For $ 29 Billion
The race to join the BNPL domain is intensifying, with PayPal announcing that it will stop charging late fees to consumers using its BNPL service from October.
Related News: PayPal to remove late fees from BNPL