Afterpay (known as Clearpay in the UK) is a service offered by merchants (both online or in-store) that allows customers the ability to make purchases now and pay for them in four equal payments made every fortnight without any interest. For example, if a customer purchases an item for $100, he or she will pay 4 instalments of $25. There is no interest charged to customers for using this service. Failure to make their payments will result in a late fee. Customers are required to be over eighteen years of age to use the service.