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    Tuesday, December 21, 2021

    Amazon Launches ‘Buy Now Pay Later’ Collaboration With Barclays

    Amazon has partnered with Barclays to make its first foray into the buy now pay later (BNPL) sector.

    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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