eBay adds BNPL capability with Afterpay partnership
3 April 2020, Written by David Simmons
From today shoppers can take advantage of Afterpay's buy-now pay-later (BNPL) platform on online auction site eBay.
The partnership between the two tech companies is a first for eBay and will allow its 40,000 Australian SME partners access to Afterpay.
The agreement is a milestone for Afterpay too, representing the Melbourne-based company's largest online arrangement to date and giving it access to eBay's 11-million unique monthly visitors.
"Especially today, Aussies are relying on eBay to get what they need, in one place at great value," says eBay Australia managing director Tim MacKinnon.
"Australian businesses need all the support they can get right now and offering Afterpay could be what makes or breaks a sale."
Importantly, eBay will not be passing on the costs of using Afterpay onto its many sellers; instead the auction site will cover the transaction cost itself.
As Australians self-isolate they are turning in droves to online shopping in order to access both essential and non-essential goods and services.
Those working from home similarly have been looking online to get the tools they need to see out the coming months.
Both Afterpay and eBay say these trends have been reflected in their own data, with technology, office supplies, entertainment and fitness equipment hot categories.
Sales of computer monitors on eBay have increased by 182 per cent in recent week, dumbbells by 845 per cent and paint by numbers increasing by an astounding 3,746 per cent.
"The partnership between eBay and Afterpay comes at such a crucial time, where Australians are wanting more control over their budget and to avoid high interest debt traps," says CEO and co-founder of Afterpay Anthony Eisen.
"Two in three Afterpay merchants believe it provides them access to new customers, so we are confident the tool will help small and medium businesses navigate these challenging headwinds."
Business News Australia
Author: David Simmons