Afterpay, which is the market leader in Australia where 10% of all ecommerce sales are made using its service, launched in the UK earlier this month under the Clearpay brand and has signed up 50 brands to the service including Boohoo, Urban Outfitters and Smiggle.

Customers choose the Clearpay option at checkout to pay four interest-free payments every two weeks. After entering their debit or credit card details, consumers receive instant approval.

Afterpay is one of several payment disruptors pioneering ‘buy now, pay later’ options in the UK with Swedish giant Klarna and New Zealand firm Laybuy also serving the market.