Afterpay, the specialists in “Buy Now, Pay Later” payments, has deepened its focus on incentivising users with its new loyalty program, Pulse.
The programme rewards Afterpay customers who pay for their purchases on time and choose to spend responsibly, as the firm seeks to encourage responsible spending.
It comes as the company looks to reward the decision of Millennials and Gen Z to utilise debit cards and take responsible financial decisions.
Nick Molnar, Co-Founder and U.S. CEO of Afterpay emphasised: “Until today, loyalty programs 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 to fulfil a need and offer a program 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 group cited statistics that in 2020 alone, approximately 90% of Afterpay’s global customers have used debit cards to make purchases as evidence of the growth of debit card payments. Similarly, in its most recent SEC filings, Visa reported a sharp decrease in U.S. credit card usage versus debit. US credit-card volumes declined by 21% in May year-over-year, while debit card volumes grew 12%.
By offering Pulse, Afterpay is seeking to reward consumers for paying in a way they prefer, with their debit cards – while also discouraging the use of expensive loans with interest, fees and revolving and extended debt. Until today, there has been no way for debit card users to earn rewards or benefits for the way they pay.
