Laybuy details its new 'Tap to Pay' digital card. 

Leading BNPL provider Laybuy is promising to further shake-up the Australasian buy now, pay later (BNPL) sector with the launch of its globally unique and innovative digital BNPL card in Australia and New Zealand.

Laybuy managing director Gary Rohloff says the card, launched in partnership with Mastercard, is the latest innovation by the company which has a unique understanding of the retail environment.

“Laybuy is led by a team that have worked in retail most of their lives, including leading some of Australasia’s largest chain stores. This gives us an unrivalled understanding of the retail environment and how we can help retailers increase sales,” says Gary.

“Our 'Tap to Pay' digital card is the next evolution of BNPL, allowing customers to use Laybuy to make purchases instore with a simple tap of their smartphone.

“This will make purchasing items instore using BNPL quicker and easier, removing a number of steps usually required when using traditional methods. Retail staff will be able to spend less time processing transactions and spend more time with their customers.”

Gary says customers using 'Tap to Pay' will still enjoy all the benefits of using Laybuy – including spreading their repayments over six weeks and not paying interest.

“More importantly, unlike other cards on the market, Laybuy’s digital card does not charge customers fees, interest or any monthly account fees – helping encourage uptake and saving consumers money.”

Gary says he expects merchants will see a range of benefits through the digital Laybuy 'Tap to Pay' Card.

“Experience tells us offering Laybuy as a payment option helps increase sales, lifts average basket sizes and helps merchants gain new customers,” says Gary.

“Because the Laybuy 'Tap to Pay' card makes it easier for customers to use Laybuy, we have every expectation retailers will only see these benefits amplified.”

Gary says the Mastercard partnership will also allow Laybuy to accelerate the rapid growth it has already seen since launching in Australia last year.

“Over the past year, we have gone from strength to strength across Australasia – with gross merchandise volume (GMV) increasing by a staggering 65%,” says Gary.

“On top of this, we have seen active customer numbers grow by 21% and the number of active merchants grow by 37% in the last twelve months in Australia and New Zealand.

“Our growth has been even stronger in the United Kingdom, where we were one of the early movers into the BNPL space and are now one the UK’s market leaders.

“In a little over a year, we have increased GMV in the UK by 158% and have doubled customer and merchant numbers.”

Gary attributes the success Laybuy is experiencing to a smart marketing strategy and a culture of continuous innovation to exceed customer and merchant expectations.

“For example, in the United Kingdom we have signed exclusive partnership agreements with leading English Premier League teams, including Arsenal, Manchester City and Manchester United,” says Gary.

“Not only are we their exclusive BNPL provider, these partnerships allow Laybuy to join forces with these sporting global giants, growing our brand presence and reaching global fans in new and exciting ways.”

Gary says critical to Laybuy’s growth plans is creating a risk-free, cost-effective sales option for merchants and a simple to use payment platform to help consumers manage their finances.

“We ultimately want to make life easier – both for our customers and for our merchant partners,” says Gary.

“That is why we led the sector when we launched Laybuy Boost and Laybuy Global.

“Laybuy Boost allows customers to use Laybuy, even if the purchase they are making is larger than their transaction limit. They simply need to pay the amount exceeding their transaction limit as their first payment at point of sale.

“Laybuy Global, on the other hand, allows customers to purchase overseas goods online in their currency with a Laybuy merchant if that merchant is shipping to the customer’s home country.”

Gary says Laybuy is also committed to collaboratively working with its merchant partners to help them activate sales.

“This includes enabling them to take advantage of Laybuy’s extensive customer database for direct marketing through email, social media, as well as having a presence on Laybuy’s website,” says Gary.

“And once a year, we hold Laybuy Mania, a heavily promoted sales event with exclusive deals for Laybuy customers. Laybuy Mania is our biggest event of the year and, last year, it resulted in an 804% increase in the number of customers visiting Laybuy’s shop directory and a 100% increase in orders made with Laybuy.”

Gary says one of the main benefits of Laybuy is that it offers consumers weekly repayments, which is what they want.

“We have undertaken extensive research to really understand budgeting habits and what we learnt is that consumers preferred weekly repayments because that is how they thought about their budget,” says Gary.

“This is one of the distinct advantages Laybuy has over other BNPL providers and one of the reasons why Laybuy has grown to be one of the leading providers in New Zealand, Australia and the United Kingdom.”

Gary says despite rapid growth, Laybuy takes its credit responsibilities extremely seriously and, unlike some other providers, credit checks all new Laybuy customers.

“Our ethos is that we exist to help people better manage their budgets. That is why we check every new customer to determine their ability to meet future repayments and make sure they can afford the goods they’re paying.”

Gary says that while Laybuy has grown rapidly since launching in 2017, this was only the start of the journey.

“We’re advancing plans to test Laybuy in the United States. Like the United Kingdom, we believe the USA provides enormous opportunity for growth given BNPL is still in its infancy in that market and we hope to launch beta-testing in that market before Christmas.”

While Laybuy is rapidly securing its place as weekly-payment BNPL global leader, Gary stresses the local market will remain critical.

“This year we listed on the ASX and we have a firm focus on growing and cementing our market share in both Australia and New Zealand,” says Gary.

“And while we continue to grow, we’ll never waiver on our commitment to acting responsibly, innovatively and collaboratively with our merchants and consumers in Australia and New Zealand to deliver value and exceed expectations.”

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