OCTOBER 2020

Why luxury retailers are turning to installment payment methods during the pandemic

– Page 15 (Deep Dive)

BNPL methods are being used for 18 percent of all digital fashion purchases, study finds

– Page 11 (News and Trends)

OAK + FORT ON

OFFERING BNPL OPTIONS TO EXPANDCONSUMER REACH– Page 8 (Feature Story)

03 WHAT’S INSIDE A look at how the surge in online shopping during

the health crisis is pushing luxury retailers into eCommerce as well as how BNPL payment plans are helping them appeal to more consumers

08 FEATURE STORY

An interview with Cooper Watts, director of IT and eCommerce for accessible luxury retailer OAK + FORT, on how its recent launch of buy now, pay later payment plans has helped attract Gen Z and millennial consumers and how flexible payments tie into its COVID-19 business survival strategy

11 NEWS AND TRENDS Recent BNPL headlines, including Australia-

based BNPL provider Afterpay’s recent purchase of FinTech Pagantis from NBQ and online-only menswear retailer Bonobos’ support for installment payment plans

15 DEEP DIVE An in-depth examination of how luxury retailers

are offering installment payment plans to cater to millennial and Generation Z consumers and expand their customer bases during the pandemic

18 ABOUT Information on PYMNTS.com and Afterpay

ACKNOWLEDGMENT

The Buy Now, Pay Later Tracker® is done in collaboration with Afterpay, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis.

2

© 2020 PYMNTS.com All Rights Reserved

PAY LATERBUY NOW,

TRACKER®

3

© 2020 PYMNTS.com All Rights Reserved

The retail sector is experiencing drastic shifts during the pandemic as merchants work to meet consumers’ growing preferences for digital shopping. Retailers of all sizes are op-

timizing their operations for the eCommerce world, but this is proving more challenging for certain merchants. High-end retailers have frequently relied on engaging with customers in physical stores and working closely with them to build relationships and brand loyalty. Many consumers are still avoiding brick-and-mortar shops, however, leaving the luxury merchants that have yet to establish robust online presences hustling to do so.

These retailers are also working hard to win over the Generation Z and millennial consumers who represent growing shares of their customer bases, with one recent report finding that millennials accounted for 35 percent of high-end retail purchases. Customers from these gen-erations are much less inclined to use credit cards than older consumers, as they wish to avoid the debts and fees that accompany these payment methods. These trends have thus prompted luxury merchants to turn to flexible payment solutions such as buy now, pay later (BNPL) methods to earn sales as greater numbers of younger consumers — and consumers in general — move online.

AROUND THE BUY NOW, PAY LATER WORLD

Digital-first Gen Z and millennial consumers usually rep-resent the greatest shares of BNPL providers’ users, and the financial concerns these individuals are facing are prompting many to rely even more heavily on flexible spending options. Numerous luxury retailers are working to ease their worries by rolling out installment payment plans that make their products available to more cus-tomers. Some of the brands that have recently begun offering such options include Drunk Elephant, La Mer and Oscar de la Renta.

Digital-only menswear retailer Bonobos also recently announced that it is supporting BNPL options. The com-pany said it is partnering with a BNPL provider to offer installment payments on orders valued at $100 or more. Bonobos, which is owned by retail behemoth Walmart, is a step ahead of many high-end brands in that it began as a digital-only company and is thus already accustomed to navigating the eCommerce space.

Many fashion merchants are unsure about how the on-going pandemic will affect holiday sales, with a recent survey finding that 47 percent of these retailers do not

WHAT’SINSIDE

4

© 2020 PYMNTS.com All Rights Reserved

feel prepared for the season. Retailers do believe that BNPL options can help them better appeal to more consumers, however. Thirty-one percent of survey par-ticipants said installment payment options can boost sales, while 42 percent felt that these methods could help them steer clear of cart abandonment.

For more on these stories and other BNPL headlines, visit the Tracker’s News and Trends section (p. 11).

OAK + FORT ON NAVIGATING CHANGING CONSUMER BEHAVIORS WITH BNPL

The luxury retail space has the odds stacked against it, especially given that younger generations with major pur-chasing power do not feel as if luxury items are within their reach. Changing consumer buying behaviors, such as prioritizing grocery and household items over clothing purchases during the current economic climate, are not helping luxury retailers, either. Offering flexible install-ment payment plans can help put more expensive items

What’s Inside

5

© 2020 PYMNTS.com All Rights Reserved

within reach, broadening consumer bases and helping deter cart abandonment at checkout. Vancouver, British Columbia-based accessible luxury clothing and acces-sories retailer OAK+FORT began offering BNPL options at the end of August for its U.S. online store and experi-enced a significant boost from the exposure, according to director of IT and eCommerce, Cooper Watts. In this month’s Feature Story (p. 8), Watts breaks down how le-veraging a variety of payment options helped increase website traffic and expanded customer reach.

DEEP DIVE: HOW BNPL COULD PROVIDE CONSUMERS WITH EASIER ACCESS TO LUXURY ITEMS

Merchants are confronting myriad challenges and op-portunities amid the rapidly shifting retail market, and this is especially true for retailers in the luxury sector. Many are capturing consumer spending that would nor-mally go toward travel and hospitality-related purchases. Transitioning their resources to focus on eCommerce sales can help these businesses continue to thrive. There are still challenges they must confront, however, such as learning to build deeper relationships with cus-tomers online and working to reach younger consumers. This month’s Deep Dive (p. 15) examines how BNPL pay-ment plans can help retailers expand their customer bases online and meet the needs of Gen Z and millenni-al consumers.

How are flexible payment offerings helping retailers market luxury products to consumers during the ongoing economic slowdown?

EXECUTIVE

INSIGHT

“Flexible payment options, like buy now, pay later, have be-come a powerful tool for luxury retailers to attract new customers during the economic slowdown. With BNPL, con-sumers are able to [make] bite-sized payments with their own money to gain access to higher-end items that they may have previously considered out of reach.

This is obviously a huge benefit for luxury retailers because they don’t have to discount or rely on promotions and sales for consumers to make purchases. Many of our key luxury brands see more than 50 percent new-to-file consumers when they launch Afterpay, reflecting our ability to drive new customers to their websites and their businesses. 

The most progressive merchants across the world are em-bracing BNPL services that offer a flexible, convenient and frictionless shopping experience to enhance and grow their businesses.

NICK MOLNAR U.S. CEO and co-founder of AFTERPAY

What’s Inside

6

© 2020 PYMNTS.com All Rights Reserved

What’s Inside

5Five Fast

Facts50.1% Portion of customers ages 34 to 44 who have used BNPL tools to make payments

35% Portion of luxury goods purchases millennials made as of November 2019

$713BExpected global revenues of the eCommerce fashion industry by 2022

55% Share of luxury consumers who were spending less as of July

19%Share of digital beauty purchases made using installment payment methods

7

© 2020 PYMNTS.com All Rights Reserved

CustomerJourney

Customer

Checkout

Purchase complete

Shop and buy in-store

Shop and buy online

Pay in installments

Select BNPL as payment

Use BNPL mobile app

Scan barcode

© 2020 PYMNTS.com All Rights Reserved

8

OAK + FORT ON OFFERING

BNPL OPTIONS TO EXPAND CONSUMER REACH

9

© 2020 PYMNTS.com All Rights Reserved

Luxury retailers are seeking ways to entice younger consumers to purchase expensive items in a retail world saturated with inexpen-sive alternatives. Offering flexible payment

plans is one strategy that can make high-end items ap-pear more attainable to consumers who may not be able to afford them at full cost upfront — and retailers are finding this method effective. Generation Z and millen-nial consumers are embracing buy now, pay later plans as a way to responsibly purchase items without incurring fees or debt in the process. In fact, 93 percent of millen-nial BNPL app users have not been subjected to late fees.

Many retailers are taking note of the positive track record that BNPL accounts have with Gen Z and millennials, in-cluding Vancouver, British Columbia-based OAK + FORT, an accessible luxury clothing and accessories retailer. The mid-size apparel company has 21 brick-and-mortar locations across North America, including 15 in Canada and six in the U.S., but it plans to expand in both countries.

The current level of economic uncertainty has prompted OAK + FORT to focus primarily on its eCommerce seg-ment, according to Cooper Watts, the company’s director of IT and eCommerce. The business launched an eCom-merce website serving worldwide in 2010, he explained in a recent interview with PYMNTS. It then opened a dis-tribution center in the U.S. in 2016 and moved all its U.S. logistics to a separate website domain.

“Our main demographics are Gen Z and millennials, and many of them don’t have much money to spend — not to mention we are going through a pandemic,” Watts said.

Watts recognizes that consumer behavior is changing during the COVID-19 pandemic, with essentials such as groceries and household items taking priority over cloth-ing purchases.

“When you’re stuck inside in lockdown or self-isolation, spending money on clothing becomes less of a priority,” he said. “So we were thinking, with our target demograph-ic and the majority of our customers being younger, it’s probably a lot harder for people to convert.”

THE BNPL BOOST

OAK + FORT confronted this stark reality by beginning to offer BNPL options through Afterpay on its U.S. website late last month. It is currently working with the install-ment payments provider to offer a similar option on its Canadian site while also considering integrating the of-fering at its physical stores.

“Afterpay provides the ability to break down payments into installments, so maybe it’s more appealing for some-one of the younger generation who could afford $25 right now, not $100, and over the next four weeks, pay it off interest-free,” Watts said. “What really drove the decision was the current state of the world and coming up with a

FEATURESTORY

10

© 2020 PYMNTS.com All Rights Reserved

solution that will allow people to feel more comfortable to spend [during] this time.”

Order frequency was another main driver for opting to offer BNPL options to customers, Watts said. The firm began offering Afterpay on August 24 and saw an in-crease in traffic to its site within weeks.

“We have noticed a positive impact on traffic already and expect it to continue to improve, since we haven’t even done a marketing launch yet,” he said.

HOW BNPL OPTIONS EXPAND CUSTOMER REACH

Afterpay retailers are listed in an online directory that its 8.4 million global users can peruse. The provider worked closely with OAK + FORT during implementation to ensure the firm received prominent placement in the directory for its launch.

“Having a listing in the directory is a huge driver of traf-fic as a referral source to our website,” Watts said, noting that OAK + FORT was able to leverage both the visibility from Afterpay’s platform and its existing customer base.

“Many of the people coming from the Afterpay shop di-rectory were new customers to OAK + FORT but had previously used Afterpay,” Watts said. “So we were get-ting exposed to a whole new set of customers that probably have not heard of our brand, especially in the U.S., where the population is so large, and gaining brand awareness can be very difficult for a marketing depart-ment within an organization our size.”

OAK + FORT witnessed a 5 percent increase in traffic between August 24 and September 14 as a result of its Afterpay launch and directory listing, he added.

The installment payments provider will serve as a men-tor for the company, providing recommendations on

how OAK + FORT should segment and direct traffic to the website through its campaign and offering advice on what digital or graphic creative assets should look like and how they should be best positioned, Watts explained.

OAK + FORT, like many other North American retailers, faces much uncertainty heading into the holiday season. Most agree, however, that offering a variety of payment methods can help dissuade cart abandonment at check-out and offer a broader reach to more consumers.

“If you don’t offer a payment method the customer uses when they get to the checkout, there’s nothing else you can do to convert that customer,” Watts said. “So widen-ing the options we accept in every way possible, whether that's buy now, pay later or some other form of digital — like bitcoin or some sort of Visa service or Apple Pay — is very important.”

Retailers offering higher-priced goods are up against a multitude of challenges in the current climate, but adopt-ing flexible payment plans may just be what can help propel them toward a brighter future.

Feature Story

NEWS

11

© 2020 PYMNTS.com All Rights Reserved

LUXURY GETS A BNPL MAKEOVER

LINK BETWEEN LUXURY PURCHASES, BNPL METHODS GROWS STRONGER

Installment payment providers have moved swiftly to capture digital-first consumers like millennials and Generation Z, who typically represent the greatest shares of their users. Existing worries regarding debt and other financial concerns have only grown among these young-er shoppers during the pandemic, strengthening luxury brands’ adoption of BNPL options. Australia-based install-ment payment provider Afterpay has seen its revenues hit $3.8 billion this year, for example, almost doubling last year’s total. This is partly due to the growing number of luxury retailers that have signed onto the platform.

Other BNPL providers report similar results, with brands like Oscar de la Renta and La Mer now offering installment payments for their customers. These moves represent a shift in thinking for luxury retailers, many of which mar-ket their brands based on the perception of exclusivity. Tapping BNPL methods opens these merchants up to more consumers, however, which could be especially crit-ical as the pandemic continues to keep spending down.

INSTALLMENT PLANS BECOMING MORE COMMON FOR BEAUTY AND FASHION PURCHASES, STUDY SHOWS

BNPL methods are also growing more popular for cer-tain types of purchases, according to a recent study. Nineteen percent of all digital beauty purchases and 18 percent of all digital fashion transactions are con-ducted via installment payment methods. This trend is especially important for retailers to consider as the pan-demic nudges more consumers toward eCommerce over brick-and-mortar shopping.

This shift is also helping BNPL options become more entrenched in everyday spending categories as well as beauty and fashion purchases, the latter of which are usually classified as “impulse.” The study found that in-stallment payment plans now account for approximately 14 percent of all online purchases.

BONOBOS TURNS TO BNPL PLANS TO OFFER FLEXIBLE SPENDING

Luxury retailer Bonobos, a digital-only menswear brand owned by retailer goliath Walmart, is now supporting BNPL options on its site. The company announced that it will offer a third-party provider’s installment payments service to consumers placing orders valued at $100 or more. Bonobos is a step ahead of many high-end brands in that it began life as a digital-only company and thus has had more experience navigating the eCommerce world.

& TRENDSNEWS

12

© 2020 PYMNTS.com All Rights Reserved

This advantage is shrinking fast as the ongoing pandem-ic further expands luxury online retail, however, pushing brands to search for tools that can distinguish their prod-ucts from those of their competitors. Installment payment plans are proving to be attractive tools for such retail-ers, as they give customers the price flexibility they want while strengthening the possibility of sales.

CONSUMERS MAKING LUXURY PURCHASES ARE SPENDING LESS BUT WANT MORE, STUDY REVEALS

The pandemic also appears to be changing what luxury items consumers want and where they want to buy them. One recent study found that 55 percent of these custom-ers are spending less as of July, partly because some of the largest drivers of high-end purchases have been put on hold during the pandemic. Traveling internationally often prompts luxury purchases, for example, with U.S. consumers spending 30 percent of their luxury budgets on such products during international trips.

This puts more pressure on luxury brands to appeal to and engage with consumers, a challenge that is further compounded by consumers changing what they seek from high-end purchases. The value placed on sus-tainability is growing, for example, with 29 percent of customers stating that it is now the most important fac-tor when making such purchases. Retailers will thus need to employ tools or technologies that help them tailor their offerings to what consumers in the luxury market desire.

News & Trends

13

© 2020 PYMNTS.com All Rights Reserved

INSTALLMENT PAYMENT ADOPTION JUMPS

WHY THE PANDEMIC IS DRIVING ADOPTION OF BNPL METHODS

Most installment payment providers have designed their solutions for customers who want to break down pay-ments into more manageable amounts, and the share of consumers in this group has swelled during the pandem-ic. This trend is pushing BNPL methods forward in the U.S., with one recent survey finding that over one-third of the nation’s consumers had used installment payment plans by July.

The study also revealed that these solutions are most often utilized by older millennial and younger Generation X consumers, with 50.1 percent of customers ages 34 to 44 years old claiming to have made payments using such tools. This compares to 46.8 percent of consumers ages 25 to 34. This rising adoption is also likely to continue for the rest of 2020 as pandemic-driven financial fears keep customers cautious with their budgets.

CHALLENGES AND INNOVATIONS

RETAILERS REVAMP PRODUCT OFFERINGS AS PANDEMIC TURNS THE PAYMENT TABLES

The health crisis has drastically shifted how retailers in-teract with customers, and brands are now coming to terms with how many of these changes could be per-manent. Merchants must eschew their old strategies for those that are truly omnichannel to survive, Melissa Davis, head of the North American division for BNPL provider Afterpay, said in a recent PYMNTS interview.

This means supporting features such as contactless payments and curbside pickup while simultaneously en-abling flexible, personalized shopping experiences online, she explained.

Retailers must be creative to navigate this move success-fully, she added, noting that several beauty merchants have begun to tap augmented reality to bring facets of the physical shopping experience online. Failing to strike the right balance could have severe consequences for retail-ers, including possibly losing customers in the long run.

BNPL AND THE HOLIDAY SHOPPING SEASON

WHY MORE RETAILERS MAY TURN TO BNPL OPTIONS DURING THE HOLIDAYS

The coming holiday sales season could see more cus-tomers turn to installment payment plans for their purchases. Consumers who have pivoted to eCommerce are expected to contribute to modest holiday sales gains of 1 percent to 1.5 percent this winter, with analysts antic-ipating a total of $1.15 billion in sales between November 2020 and January 2021. Online sales of up to $196 million are projected this season as consumers shift to digital shopping in greater numbers. BNPL payment methods will likely gain steam amid this holiday shopping push, as the service differs from layaway in that consumers obtain their items upfront and pay for the costs in installments.

BNPL COULD HELP FASHION RETAILERS PREPARE FOR HOLIDAY SHOPPERS

Many fashion merchants are unsure of how the health cri-sis will affect their holiday sales and how to best meet

News & Trends

14

© 2020 PYMNTS.com All Rights Reserved

shoppers’ needs this season. A recent survey found that 47 percent of these retailers did not feel ready for the holidays, for example, even though 22 percent revealed that season-al sales were critical for their survival. Almost half of these merchants had not made any significant changes in their online retail operations since the health crisis began.

Many fashion retailers appear to view installment payment plans as valuable tools that can help them draw online shoppers, however. Thirty-one percent of participants said BNPL options can boost sales, while 42 percent claimed such methods can help them avoid cart abandonment. This shows that many merchants believe BNPL plans’ flexibili-ty could give consumers the confidence they need to make purchases during the holidays.

RECENT GLOBAL BNPL DEVELOPMENTS

AUSTRALIANS TAP BNPL SOLUTIONS FOR ESSENTIALS DURING THE PANDEMIC

The pandemic is having a major impact on consumer spend-ing globally, with one recent study revealing that more than half of Australia’s population has put off buying essentials. The survey, which polled 1,000 consumers in Brisbane, Melbourne and Sydney, also found that more than 60 per-cent of Australians were using installment payment plans to make essential purchases such as healthcare, at 60 per-cent, and car repairs, at 31 percent. One in 10 was utilizing a BNPL plan to pay for groceries and education-related ex-penses. Other findings show that two-thirds of participants from Melbourne and Sydney and 56 percent from Brisbane were using less cash than they did six months earlier, and 22 percent of all consumers said they had delayed spend-ing on dental work due to financial challenges and fears. These figures reveal that many of the nation’s consumers

now view installment payment options as key tools when making essential purchases, especially as the pandemic continues to strain their finances.

AFTERPAY BOOSTS EUROPEAN EXPANSION EFFORT WITH $59M PURCHASE OF FINTECH PAGANTIS

Installment payment providers looking to cater to con-sumers’ increased demand for flexible payment methods are eager to tap into new markets, and some are doing so through acquisitions. Australia-based BNPL provid-er Afterpay recently announced the purchase of FinTech Pagantis from NBQ for €50 million ($59 million USD) in an ef-fort to extend its presence in the European market. Afterpay said that the Southern European market is ripe for BNPL solutions and that it plans to offer Pagantis’ products in France, Italy and Spain under its European brand, Clearpay.

The move comes after Afterpay’s entry into the United Kingdom last year. The company said that Clearpay current-ly serves more than 1 million active users in the U.K. and is also available in Australia, New Zealand and the U.S.

News & Trends

15

© 2020 PYMNTS.com All Rights Reserved

Consumers are continuing to shift toward digi-tal channels during the pandemic, presenting opportunities for some merchants and diffi-culties for others. Many retailers have had to

reconfigure their operations, especially those that relied mostly on brick-and-mortar shoppers willing to spend money on nonessential, big-ticket items. High-end retail, in particular, is facing some of the biggest challenges, Nick Molnar, co-founder and U.S. CEO of Australian in-stallment payments platform Afterpay, told PYMNTS during a recent interview. These retailers have tradition-ally specialized in engaging with consumers at boutiques or high-end department stores, and many are now scram-bling to adjust their business models to suit consumers’ growing preference for eCommerce.

Luxury merchants have several advantages even as they face this changing retail landscape, however. Molnar ex-plained that many of these merchants have pivoted to capture sales that would have gone toward travel and hos-pitality purchases, for example, and the fashion industry is projected to generate $713 billion in annual worldwide

HOW BNPL OPTIONS CAN HELP LUXURY RETAILERS CAPTURE SALES

DEEPDIVE

16

© 2020 PYMNTS.com All Rights Reserved

eCommerce revenue by 2022. These retailers can also leverage various payment methods to meet the needs of consumers making more of their purchases online.

This month’s Deep Dive explores how BNPL payment plans can help retailers expand their customer bases for digital, direct-to-customer luxury sales as well as boost their demographic reach by appealing to Gen Z and mil-lennial consumers.

BRINGING YOUNGER CONSUMERS TO THE LUXURY RETAIL SPACE

Consumers have continued to indulge in occasional lux-ury or “statement piece” purchases since the pandemic’s onset, but some shifts have resulted from consumers’ digital migrations. Molnar explained that some custom-ers — especially younger ones — have historically been

intimidated by the prospect of entering brick-and-mortar luxury brand stores, but eCommerce can eliminate this barrier.

Staying in touch with younger consumers is a top priority for luxury retailers, many of which are working to appeal to these generations by offering them payment methods that align with their purchasing habits. Gen Z and millen-nial consumers are focusing on sustainable and ethical fashion and retail more than ever, but these purchases can be seen as too expensive in a market flooded with cheaper alternatives. Some luxury retailers are combat-ing this by turning to installment payment plans, which enable merchants to more flexibly accommodate con-sumers’ purchases.

Utilizing BNPL methods to reach younger generations and build brand loyalty can also be crucial to luxury

Deep Dive

17

© 2020 PYMNTS.com All Rights Reserved

retailers’ success down the line, as these consumers will continue to have a greater stake in the market. One November 2019 study found that millennials accounted for 35 percent of purchases in the luxury goods market, for example, and this share will likely only grow.

BNPL OPTIONS HOLD PROMISE FOR RENTAL, RESALE FASHION

Installment payment plans are also making waves in the rental and resale fashion world. Australian peer-to-peer (P2P) fashion rental platform Designerex recently launched a BNPL account that more than 30 percent of its customers adopted, for example, and the company said the installment plans have been central to its expan-sion efforts in Australia and the U.S.

Designerex co-founders Costa Koulis and Kirsten Kore began offering BNPL methods such as Afterpay to pro-vide customers with easier access to expensive luxury brands. A customer can rent a dress that sells for $1,000 for just $150, for example, and utilizing BNPL plans could split that cost into four installments of around $37 that can be paid over time. Kore explained that providing flexi-ble payment options has worked well and helped the firm reach younger consumers, as many millennial and Gen Z consumers are eschewing credit cards to avoid the debts and fees that accompany them.

It is unclear to what extent flexible payment plans will shape the luxury retail world, but consumers are likely to continue seeking convenient payment options that can help them stretch their dollars — and even spring for luxu-ry purchases — during the pandemic. Retailers that make it more convenient for consumers to purchase such items with flexible payment methods are on track to see success during the health crisis and after it passes.

Deep Dive

18

© 2020 PYMNTS.com All Rights Reserved

PYMNTS.com is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of this dynamic sector and make news. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovation that is at the cutting edge of this new world.

We are interested in your feedback on this report. If you have questions or comments, or if you would like to subscribe to this report, please email us at work feedback@pymnts.com.

Afterpay is a financial technology company and buy now, pay later solutions provider for retail and merchant brands worldwide. The company’s BNPL solutions provide alternative payment support for over 42,000 global merchants both online and in-store, including lux-ury brands such as Anthropologie, KylieSkin by Kylie Jenner, Ray Ban and Ulta Beauty. It operates both the BNPL solution Afterpay as well as the United Kingdom payment service Clearpay. The company is headquartered in Melbourne, Australia.

ABOUT

19

© 2020 PYMNTS.com All Rights Reserved

The Buy Now, Pay Later Tracker® may be updated periodically. While reasonable efforts are made to keep the

content accurate and up to date, PYMNTS.COM: MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY

KIND, EXPRESS OR IMPLIED, REGARDING THE CORRECTNESS, ACCURACY, COMPLETENESS, ADEQUACY, OR

RELIABILITY OF OR THE USE OF OR RESULTS THAT MAY BE GENERATED FROM THE USE OF THE INFORMATION

OR THAT THE CONTENT WILL SATISFY YOUR REQUIREMENTS OR EXPECTATIONS. THE CONTENT IS PROVIDED

“AS IS” AND ON AN “AS AVAILABLE” BASIS. YOU EXPRESSLY AGREE THAT YOUR USE OF THE CONTENT IS AT

YOUR SOLE RISK. PYMNTS.COM SHALL HAVE NO LIABILITY FOR ANY INTERRUPTIONS IN THE CONTENT THAT

IS PROVIDED AND DISCLAIMS ALL WARRANTIES WITH REGARD TO THE CONTENT, INCLUDING THE IMPLIED

WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT

AND TITLE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES, AND, IN SUCH

CASES, THE STATED EXCLUSIONS DO NOT APPLY. PYMNTS.COM RESERVES THE RIGHT AND SHOULD NOT BE

LIABLE SHOULD IT EXERCISE ITS RIGHT TO MODIFY, INTERRUPT, OR DISCONTINUE THE AVAILABILITY OF THE

CONTENT OR ANY COMPONENT OF IT WITH OR WITHOUT NOTICE.

PYMNTS.COM SHALL NOT BE LIABLE FOR ANY DAMAGES WHATSOEVER, AND, IN PARTICULAR, SHALL

NOT BE LIABLE FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR INCIDENTAL DAMAGES, OR DAMAGES

FOR LOST PROFITS, LOSS OF REVENUE, OR LOSS OF USE, ARISING OUT OF OR RELATED TO THE CONTENT,

WHETHER SUCH DAMAGES ARISE IN CONTRACT, NEGLIGENCE, TORT, UNDER STATUTE, IN EQUITY, AT LAW, OR

OTHERWISE, EVEN IF PYMNTS.COM HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

SOME JURISDICTIONS DO NOT ALLOW FOR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL

OR CONSEQUENTIAL DAMAGES, AND IN SUCH CASES SOME OF THE ABOVE LIMITATIONS DO NOT APPLY.

THE ABOVE DISCLAIMERS AND LIMITATIONS ARE PROVIDED BY PYMNTS.COM AND ITS PARENTS, AFFILIATED

AND RELATED COMPANIES, CONTRACTORS, AND SPONSORS, AND EACH OF ITS RESPECTIVE DIRECTORS,

OFFICERS, MEMBERS, EMPLOYEES, AGENTS, CONTENT COMPONENT PROVIDERS, LICENSORS, AND ADVISERS.

Components of the content original to and the compilation produced by PYMNTS.COM is the property of PYMNTS.

COM and cannot be reproduced without its prior written permission.

The Buy Now, Pay Later Tracker® is a registered trademark of What’s Next Media & Analytics, LLC (“PYMNTS.

com”).

DISCLAIMER