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In the battle of the “buy now, pay later” players, platforms such as Quadpay, Klarna and Afterpay are turning to events to not only showcase their services to shoppers, but also provide them with exclusive deals. Most recently, Quadpay held its inaugural “Quadpay Fest” sale, a four-day shopping experience that took place from April 29 through May 2, helping drive sales for its platform and partners alike.
Overall transaction volume on the Quadpay platform grew 20 percent during the sale, when compared to the same time frame over the past month. The company said net-new customers led the increased traffic to Quadpay’s brand partners during the event, which featured “hundreds” of deals, promotions and giveaways.
On average, 40 percent of purchases were made by first-time customers to Quadpay brand partners, rivaling new customer conversions from Black Friday, the company says.
Featured brands that participated in the event included apparel and footwear players including Fashion Nova, Famous Footwear, Zara, Fanatics, Nike and Victoria’s Secret. Mass merchants such as Walmart and Target participated as well. Sales throughout the event offered up to 70 percent off full prices, according to Quadpay.
Nearly 60 percent of purchases during Quadpay Fest were made using mobile devices via Quadpay’s “virtual card,” which enables “buy now, pay later” transactions in physical retail locations and in the Quadpay app where Visa is accepted. The virtual card offers a unique single-use credit card number that allows shoppers to transact on their main credit card account without using—or exposing—their main...