FinTech: “Instalments By Barclays” Available To Amazon UK Customers Effective Today
The latest BNPL offer by the Barclays-Amazon combine allows customers to pay in 3 – 48 months.
British bank Barclays (LON: BARC) announced today a tie-up with Amazon (NASDAQ: AMZN) offering a pay-later option to the e-commerce giant’s customers in the UK. The new flexible payment method, dubbed “Instalments by Barclays,” is available to finance purchases of £100 or more on amazon.co.uk through a reusable credit account from Barclays. (Barclays)
The credit account comes with a spending limit, and shoppers need not re-apply for financing additional purchases so long as these are within that amount. The facility is FCA-regulated and the British bank conducts credit and affordability verifications to ascertain the extent of credit that could be made available to the customer and yet be affordable.
Customers can manage the reusable credit account through the Barclays App. Further, instalment repayments would be automatically taken from the account through a direct debit system.
Instalments at APR 10.9%
No account management fees, late fees, statement fees, or other hidden fees apply. However, the bank will apply an APR of 10.9% on online purchases on Amazon. Applying is simple and online, with generally an immediate approval.
“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,” said Rob Levy, Head of Instalment Lending, Amazon UK. “This is a simple and transparent service from Barclays that automates monthly payments, providing greater comfort for customers making bigger purchases.”
“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,” said Ruchir Rodrigues, Head of Barclays Cubed & Consumer Bank Europe.
The UK is the second country where Barclays and Amazon have partnered to offer reusable credit accounts. Last year, the two companies announced the launch of a similar offering for purchases made on Amazon.de in Germany.
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