Afterpay can now count one million U.S. customers among its cohort offering the innovative installment-based payment option for shopping.
The news—which took the payments company just 10 months to achieve following its US debut—will come as welcome to the millennial market, which has fully embraced the payment plan as they desperately work to stave off, or add to, debt.
With Afterpay, consumers shopping at participating retailers can pay for their goods in four fortnightly payments (more or less in line with their paychecks) and receive their items right away. The Australia-based company pays the retailer in full right away and then collects the payments from the shopper every two weeks. Shoppers don’t pay for the service, the retailers do.
Afterpay has signed more than 2,800 U.S. brands and retailers onto the platform, recently adding Reformation, Forever 21, DSW, True Religion and Bandier to its list of partners. Other millennial favored brands, like Anthropologie, GOAT, Rebecca Minkoff and Revolve were already part of Afterpay’s 25,300-strong list of participants across the globe.
“This is a huge moment for retail and savvy shoppers—we’re thrilled to reach the 1 million customer mark in the US,” said Afterpay CEO and Co-founder Nick Molnar. “We only launched last May, so the customer uptake and demand for Afterpay demonstrates a generational shift in how millennials are spending when they shop. More than a million people in America have shown they welcome an opportunity to manage their budget and enjoy the products they love right away without having to deal with any high-interest debt.”
In celebration, Afterpay is also embracing the created holiday concept. On the heels of its million-marker success, Afterpay’s retail partners in both the U.S. and Australia, will celebrate “Afterpay Day” on March 13 and 14, providing exclusive offers and promotions for shoppers.
Amazon has seen success with its conjured commercial holiday Prime Day, and for Alibaba, its been much the same with Singles Day in China. And Afterpay could have the timing right on this one, as a recent A.T. Kearney study indicated young shoppers are keen on self-focused spending holidays.