Luxury fashion eTailer Net-A-Porter has begun its rollout of an additional payment method in Australia.
The buy-now-pay-later (BNPL) service has launched on the Australian and US sites and will be rolled out to European markets later this year.
Net-A-Porter's Australian launch of the site's first BNPL service comes as Aussie consumers embrace the convenience of paying in instalments.
According to data from the Reserve Bank of Australia, BNPL transactions grew by approximately 55% in 2019/20 and tripled over the previous two financial years.
Further, the RBA reports that BNPL providers processed around $10 billion of purchases in Australia and New Zealand in 2019/20.
Yoox Net-A-Porter Group won't stop at the Australian market, with plans to launch the service with other brands including The Outnet and Yoox over the next 12 months.
The local launch follows the rollout of the service across the Mr. Porter sites in the US, UK, Germany, Austria, the Netherlands, Italy, Spain, Belgium and Finland.
The news comes as a prominent Australian BNPL service was acquired by an American company for $39 billion.