As “buy now pay later” services rise in popularity, Amazon has partnered with Barclays1 bank to enable customers to pay for their purchases in instalments.
Instalments by Barclays allows Amazon UK customers to apply for a reusable credit account to spread the cost of purchases over £100 (US$135) across up to 48 months. Once an applicant has been approved, their credit account will be added to their wallet and available at checkout, meaning they can pay for future purchases without needing to reapply each time. The payment option covers millions of products on Amazon, including those from thousands of small and medium-sized businesses.
“Every day, we strive to innovate on behalf of our UK customers,” said Rob Levy, Head of Instalment Lending at Amazon UK2. “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. This is a simple and transparent service from Barclays that automates monthly payments, providing greater comfort for customers making bigger purchases.”
Did you know that shoppers are 70% more likely to finalize a purchase if their preferred payment method is displayed at checkout?3 Discover which ones your e-commerce business should be offering with our guide to the new ways to pay.