Clearpay is part of the Afterpay Touch Group family, whose story starts in 2015. The founder, Nick Molnar, identified a shift in payment behaviour among Millennial shoppers who have a preference towards debit cards and an aversion of credit. Nick was motivated to create a solution to cater to this generational shift by offering customers an alternative to credit.

The model is simple; they charge retailers to offer customers interest-free instalment plans by splitting a purchase amount over four manageable fortnightly instalments. The service is free to customers who pay on time, with no interest and no contracts.

They've created rules to help users, which means they won’t let customers revolve into debt, no exceptions.

Approved spending limits are largely determined by customers’ repayment history. For those who have only recently joined, spending limits will generally be smaller.