High-end Afterpay rival takes its fight international
Afterpay Touch will face increased competition across the Tasman as its up-market buy now, pay later (BNPL) rival Payright sets up shop in New Zealand.
The competitor to the high performing WAAAX stock targets a different customer segment to that of Afterpay and other BNPL schemes like Zip and Humm, aiming for those with more expensive tastes.
Payright, which is associated with high-end services like professional photography or home renovations, serves customers with a $20,000 spending limit.
Its founders – brothers Myles Redward and Piers Redward – believe this high-end focus will ultimately give them an edge over other BNPL operators.
“More retail-focused BNPL players see an average transaction size of between $100 and $200,” Myles Redward said. “For us … the average transaction size is closer to $2500.
“It does lend itself to a different type of purchase and purchaser than you would typically work with at the other providers,” Piers Redward added.
To this end, the demographics of Payright users are also distinct from the Millennial market traditionally associated with the sector.
More than two-thirds of Payright’s users are over 35 years old. By comparison, Afterpay’s average customer is aged 33.
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