New Manchester fintech platform to help retailers unlock ‘significant amount of sales potential’

A new fintech platform launching in Manchester is offering a digital payment service geared towards millennials.

ClearPay will aim to help consumers by offering interest-free credit at the point of sale for purchases up to £450.

Users are able to split the payment into three parts, with the first made at the time of the purchase and the rest settled in two monthly installments.

The company behind ClearPay, ThinkSmart, said the concept was created following research that found millennials often feel conflicted between the desire to spend versus rising pressures on their disposable income, as well as a wariness of traditional finance.

It was found that up to 80% of younger shoppers are keen to buy using the new method.

ClearPay said it offers ‘plug and play’ integration with ecommerce platforms and retailers do not require FCA authorisation.

Gerald Grimes, CEO of ThinkSmart, said: “There’s a clear gap in retail payment for a digital solution with an interest-free payment option on transactions lower than £450

“Responding to millennials’ needs for a new way to pay offers retailers a new opportunity to increase conversion rates, purchase frequency and average order value.”

He continued: “With a staggering 72% of millennials claiming such a payment scheme would increase their propensity to purchase and a third claiming they would spend more frequently with the retailer who offered ClearPay – that’s a significant amount of sales potential!”

ThinkSmart executive chairman Ned Montarello commented: “Currently an underserved audience, Millennials are looking for a more flexible way to pay that is not currently offered within the UK retail finance landscape.

“Similar schemes offered in other countries have seen the emergence of a new mega trend with the uptake growing from zero to over a million users in a very short timeframe. Proving that the simpler the path to purchase is for Millennials, the more likely they are to repeat the process.”

ClearPay is now calling on retailers to register for its initial release.