New online shopping platform allows shoppers to charge others for their items
New fintech startup YouPay offers a unique online shopping option where you choose the items you want from over 250 retailers and have someone else pay.
The new solution from YouPay, a Brisbane-based fintech company that separates the payer from the recipient at the checkout, seeks to address lost revenue due to abandoned carts with the new e-commerce solution.
The solution allows online shoppers to fill their cart and send it to someone else to purchase on their behalf instantly. It has just launched on the online street fashion giant and e-commerce success story, Culture Kings, and is expected to be integrated in the coming months on the e-commerce platforms of some 250 other brands that have announced. of their intention.
According to Experian, on average, Millennials with a mortgage, credit card, or personal loan owe $ 428,000 in debt, and owe credit providers $ 146,000 more than the average GenX and Baby Boomer.
YouPay’s collaborative approach to online shopping solves a problem that countless shoppers face every day; How do you quickly buy the products you want or need when you don’t have to pay for them?
According to a study by the Australia Institute, 30% of Australians expect to receive a Christmas present that they will never use, meaning that wasted gifts total around $ 980 million each year, often ending up in the dump.
And a Gumtree survey found millions of Australians could wake up with more than Christmas leftovers, as more than 19.3 million unwanted gifts were received last year. The survey found that 53% of Australian adults, the equivalent of 8.5 million people, received at least one unwanted Christmas present. Clothing and accessories top the list of unwanted gifts (20%), followed by beauty products (15%).
YouPay, which recently closed a $ 4 million first round with Sprint, a Brisbane-based venture capital firm, aims to boost ecommerce conversion rates by providing an alternative payment mechanism to enable purchases. by third parties.
“YouPay allows one person to shop online and another person to pay for it, quickly and securely,” said YouPay CEO and Founder Matt Holme.
“Buyers just fill out their cart as usual, create a YouPay link, and then send that link to the person they want to make the purchase.”
Culture Kings Founder and CEO Simon Beard, who was an early adopter of Buy Now Pay Later, says YouPay provided a solution to a common frustration for merchants and consumers alike.
“With over a million dollars worth of merchandise left in abandoned carts every day, we were looking for a simple but effective solution that would not only reduce that, but make it easier for our customers to share their cart rather than sending a link. . to someone hoping they pick the right size and color, ”he says.
“YouPay solves a common problem with a simple solution – it’s easy for customers to use and for buyers to make one-click payment. People can now share carts with their parents, partners and friends, which is a great way to buy and get what you want. “
Beard says the YouPay solution also has a wide range of use cases for consumers, businesses, and charities. He thinks it will appeal to many organizations in these different areas.
Holme adds that the goal was to allow shoppers to get the products they wanted while eliminating the heavy chores that a payer typically has to do, resulting in abandoned carts or incorrect purchases.
“We are very aware of the need for people to spend responsibly, and although there are many options, we believe that our common system will help reduce the risk of consumer debt,” he said. he declares.
“Given our wide range of applications and our potential for implementation across all ecommerce platforms, we are poised to forge our own path in the online shopping space. “