Oceanpayment has recently expanded its reach in North America by offering Buy Now, Pay Later (BNPL) service in Canada, through Afterpay, a global leader in BNPL. This move enables merchants to tap into the Canadian market by offering localized payment solutions and seamlessly connecting with millions of local consumers, driving significant business growth.
This expansion into the Canadian market will further boost the growth of cross-border merchants in North America. By selecting Afterpay as the preferred payment method, consumers can enjoy a seamless and convenient shopping experience to pay it in 4. This option allows shoppers to spread their purchases across 4 interest-free installments over a period of 6 weeks, providing a flexible and accommodating payment solution.
Source: Afterpay
As one of the world’s top ten economies, Canada has implemented various policies to strongly support the development of e-commerce, driving its e-commerce market into the fast lane. Data shows that in 2023, Canadian e-commerce sales reached an impressive USD 8.2 billion.1 This was fueled by a 95.21% mobile internet penetration rate.2 This indicates a new, diverse, and thriving e-commerce landscape.
Source: statista
Due to rising inflation, consumers around the world are now becoming more budget-conscious, focusing on essential purchases and seeking out more affordable options. This shift in consumer behaviour has created a surge in demand for flexible payment methods like BNPL. In fact, data reveals that the Canadian BNPL market captured nearly 7.9% of the total North American transaction share in 2023.2 Almost 60% of Canadian consumers (58%) expressing a preference for BNPL payments.3
The global e-commerce industry continues to expand rapidly, creating countless new opportunities for cross-border merchants. Embracing global consumer demand is a must for merchants looking to thrive in today’s interconnected world. Oceanpayment is now offering Afterpay services in Canada, following successful launches in key markets including Australia, the United Kingdom and the United States.
“Afterpay is a trusted BNPL brand among consumers. Our expanded partnership with Afterpay has significantly enhanced our capability to provide localized services in the Canadian market, offering consumers with flexible and convenient BNPL payment options. This at the same time is driving higher conversion rates and reaching a wider base of audience for our partner. Moving forward, we remain committed to staying at the forefront of the industry and supporting merchants in expanding globally.”
Oceanpayment Head of Partnership / Kid Chan
As a global digital payment service provider, Oceanpayment is dedicated to supporting cross-border sellers with a diverse suite of localized payment solutions. We look to empower merchants with significant growth in overseas markets by catering to the diverse payment preferences of consumers across different countries, regions, and age groups. Our extensive coverage has now enabled BNPL across regions such as Europe, North America, South America and Southeast Asia. By considering factors such as target demographics, products, and market conditions, merchants can now unlock a seamless payment journey with global consumers.
About Afterpay Limited
Afterpay is transforming the way we pay by allowing anyone to buy products immediately and pay over time – enabling simple, transparent and responsible spending. We are on a mission to power an economy in which everyone wins. Afterpay is offered by thousands of the world’s favorite retailers and used by millions of active global customers. Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay. Afterpay is a wholly owned subsidiary of Block, Inc. (NYSE: SQ).
References：
[1]eMarketer.
[2]《Digital payment types in Canada》，Statista.
[3]《Visa Canada BNPL Trends Research – Q1 2023》,Visa.
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