Buy Now, Pay Later company Afterpay has announced expansions to Pulse Rewards, which is a loyalty program rewarding those who pay on time, a press release says.
The release says Afterpay’s new initiative will reward “responsible spending,” as opposed to some other credit card schemes that instead look at incentivizing customers for increasing spending.
With new Pulse Rewards benefits, Afterpay customers will instead be able to let loose additional rewards through a points system, allowing for a more inclusive program.
The new design of the program also unlocks benefits in a system that will let customers track payments and choose when and how to use their rewards.
“Pulse Rewards is a stark contrast to the reward programs offered by credit card companies, which encourage and reward excessive spending,” said Zahir Khoja, general manager for Afterpay North America. “Our model promotes financial wellness, which reflects a growing generation of consumers who prefer to spend responsibly and avoid revolving debt and interest.”
Afterpay customers will be able to join the program regardless of their payment status in the app, the release says, and they’ll have other benefits on offer including things like no payment required upfront, gift cards available and new offers and promotions from various companies.
And they’ll be able to earn points in new ways including “shopping in-store, supporting sustainable brands, supporting small businesses, and shopping during yearly seasonal moments such as Black Friday and Afterpay Day,” the release says.
Afterpay also recently partnered with Azazie in order to offer new BNPL options.
With recent months, the company says it has seen a boost in the overall size of companies using Afterpay.
Azazie’s research showed that 70 percent of the 5,600 brides in a recent survey planned to use $10,000 to $50,000 to spend on weddings, with several wanting to pay via installments.
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