Today, Clearpay, a leader in “Buy Now, Pay Later” payments known as Afterpay (ASX: APT) outside the U.K. and Europe, has announced the launch of its new loyalty programme, Pulse Rewards. This unique programme encourages responsible spending, by offering benefits to customers who make on-time payments1. 

The Pulse Rewards programme takes into consideration changes in Brits’ spending habits during the pandemic, as they increased their use of debit cards, built up savings, cleared debts and relied less on credit cards. Clearpay’s recent State of Retail report compiled by Oxford Economics2revealed that gross lending by credit cards fell by more than 25% between June 2020 and June 2021. In addition, data from UK Finance reveals that the share of overall payments made by debit cards increased in 20203. 

The State of Retail report also demonstrated that Buy Now Pay Later usage is expected to continue to increase its share of the European market for e-commerce spend by 6.2% by 20244(the largest increase within the payment category), whilst in contrast the credit card market share is expected to level-off. 

Millennials, which account for nearly two thirds of Clearpay’s users globally, are driving the shift for more flexible payment options and relying less and less on credit cards and point-of-sale loans. Ninety-six per cent of transactions by Clearpay’s UK customers never incur a late fee. By offering benefits through Pulse Rewards, Clearpay is rewarding consumers for paying in a way they prefer, and encourages them to avoid the use of loans with interest, fees and revolving and extended debt. 

Pulse Rewards enables retail partners to reach the world’s most valuable consumers - highly engaged, high frequency Millennial and Gen Z shoppers who prefer Clearpay and spend responsibly. Clearpay is a proven marketing channel for its 6,000+ UK merchant partners. 

Clearpay Pulse Rewards Programme 

Eligible UK customers5 will receive an email inviting them to join the Pulse Rewards programme, available only in the Clearpay app. It was launched in the US, Australia and New Zealand in 2020. More information can be found here. 

The programme includes several benefits to customers who pay back on time on purchases of over £25, including: 

1 The programme rewards customers who pay back on time of purchases of £25 or higher.

2 Clearpay x Oxford Economics State of Retail Report, June 2021 

3 UK Payments Market Summary 2021, UK Finance, June 2021 

4 Global Payments 

5 Eligible UK customers are those who have opted in to receive marketing. 

● Exclusive offers at participating retailers including JD Sports, Boohoo, Pandora, The Fragrance Shop, Gymshark, amongst more 

● Increased payment flexibility 

● Ability to buy gift cards from top participating brands, payable in 4 with Clearpay and more 

Nick Molnar, Co-Founder and Co-CEO of Clearpay said: “Until today, loyalty programmes across our industry have encouraged excessive spending - leaving no options for those shoppers who want to spend responsibly and avoid expensive fees and extended debt. We built Pulse Rewards to fulfill a need and offer a programme in which both consumers and retailers benefit. This approach is fundamental to our mission and values as a company to encourage financial wellness and power an economy where everyone wins.” 

The launch of Pulse Rewards coincides with Clearpay reaching a significant milestone of two million UK active users in two years, and follows the unveiling of the brand’s first ever UK major brand campaign, ‘Pay Better’, which aims to empower people to not just pay later but pay better, with the freedom and flexibility to pay over six weeks and never pay interest.