ClearPay launches rewards programme for on-time payments

Clearpay, the Buy Now Pay Later (BNPL) provider, is launching a rewards programme for customers who pay back on time.

The Pulse Rewards programme is aimed at acknowledging customers who adopt a responsible approach to spending with benefits for on-time payments.

The company, which is known outside of the UK and Europe as Afterpay, says the programme takes into consideration changes in Brits’ spending habits during the pandemic, as they increased their use of debit cards, built up savings, cleared debts and relied less on credit cards.

A recent state of retail report compiled by Oxford Economics for Clearpay showed that gross lending by credit cards fell by more than 25 per cent between June 2020 and June 2021.

Additional data from UK Finance reveals that the share of overall payments made by debit cards increased in 2020 .

The programme includes several benefits to customers who pay back on time on purchases of over £25, including: exclusive offers at participating retailers including JD Sports, Boohoo, Pandora, The Fragrance Shop, Gymshark; Increased payment flexibility; Ability to buy gift cards from top participating brands payable in 4 with Clearpay.

The State of Retail report also demonstrated that Buy Now Pay Later usage is expected to continue to increase its share of the European market for e-commerce spend by 6.2 per cent by 2024, the largest increase within the payment category, whilst in contrast the credit card market share is expected to level-off.

Millennial consumers, which account for nearly two thirds of Clearpay’s users globally, are driving the shift for more flexible payment options and relying less and less on credit cards and point-of-sale loans, the company said.

The company reached the milestone of two million UK active users in two years and has more than 6,000 UK merchant partners .

A total of 96 per cent of transactions by Clearpay’s UK customers never incur a late fee, the company claimed. Under the terms of the rewards programme, eligible UK customers will receive an email inviting them to join the Pulse Rewards programme, available only in the Clearpay app.

Nick Molnar, co-founder and Co-CEO of Clearpay said:“Until today, loyalty programmes across our industry have encouraged excessive spending - leaving no options for those shoppers who want to spend responsibly and avoid expensive fees and extended debt. We built Pulse Rewards to fulfill a need and offer a programme in which both consumers and retailers benefit. This approach is fundamental to our mission and values as a company to encourage financial wellness and power an economy where everyone wins.”

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