Amazon has called the new venture
“Instalments” and the payment method will enable customers to spread the cost
of purchases over £100 over equal monthly instalments between three and 48
months after purchase.
At the checkout, customers must complete an
online application and await a response from Barclays letting them know whether
they’ve been approved and setting out their spending limits. If approved,
customers will find their reusable credit account added to their wallet
The ecommerce giant first launched the
product in Germany last year but this partnership marks Amazon’s entry into the
UK BNPL market, which was spearheaded by Swedish company Klarna.
“Every day we strive to innovate on behalf
of our UK customers. Instalments is one way we will offer customers flexible
options, enabling them to choose to pay now or split the cost of larger
purchases into budget-friendly monthly instalments,” Amazon UK head of
instalment lending Rob Levy said.
“This is a simple and transparent service
from Barclays that automates monthly payments, providing greater comfort for
customers making bigger purchases.”
Barclays head of cubed and consumer bank
Europe Ruchir Rodrigues added: This is another major step in our ambition to
reinvent payments at the point-of-sale and delight customers.
“Amazon offers a world-class shopping
experience, and this new service gives users a fully reusable
payment-by-instalments option, which they can use to spread the cost of
purchases over a longer period.”
The news comes as BNPL rival Klarna
recently announced its collaboration with GoCardless to roll out bank debit
payments.
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