LatitudePay celebrates first birthday milestone with half a million BNPL customers
Latitude Financial today announced that it had reached half a million buy now pay later customers just a year after launching LatitudePay in Australia.
Latitude said LatitudePay had exceeded all expectations in its first year in Australia including customer numbers, merchant take up, basket size and repeat business.
It also revealed data showing LatitudePay is introducing a wider age-group to buy now pay later as more consumers embrace the benefits of interest free shopping. While inner-city millennials are signing up to LatitudePay, the typical customer is a higher-earning 39-year-old female.
Latitude Managing Director and CEO Ahmed Fahour said that LatitudePay had seen sustained strong growth throughout the COVID-19 pandemic.
“We’re experiencing strong growth in online shopping, especially on items for the home as more people work remotely,” he said.
“As a result, customers across different age groups are choosing LatitudePay to shop with our partners, from younger consumers typically associated with BNPL through to shoppers who are slightly older and more affluent.
“This growth across age groups has enabled us to attract major new retailers to our platform every day and we’re expanding into new retail categories for Latitude, such as fashion and healthcare.
“Consumers are telling us that they like the simplicity of paying for their purchases over 10 weeks, resulting in a higher average spend of $280 and growing repeat purchases. Meanwhile, our low merchant fees appeal to merchants wanting to make every dollar count in a tough retail environment.”
LatitudePay has recently secured a range of new retail partners including Cotton On Group, Australia’s largest global retailer operating across 19 countries with more than 1,400 stores – 800 of which are in Australia and New Zealand.
PETStock, George & Matilda and Pharmacy Online are also among the more recent of the 920 brands that have already signed up to LatitudePay.
They join foundation partners including some of Australia’s biggest retailers, Harvey Norman, Catch Group, The Good Guys and Luxury Escapes.
LatitudePay’s data names Carlton North (VIC), Lane Cove (NSW), Greenslopes (QLD) and Claremont North (WA) as the inner city BNPL hotspots for Gen Z customers.
Overall, BNPL has expanded well beyond inner city millennials, with Point Cook in Victoria leading the suburban hotspots for LatitudePay customers as easy-to-use, interest-free shopping helps support consumers and retailers through the COVID-19 lockdowns.
LatitudePay extends Latitude's highly successful payments and instalments platform, which for more than 30 years has helped customers shop interest free.
Latitude is Australia’s leading interest free shopping and credit provider, with more than 2.7 million customer accounts across Australia and New Zealand.
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