FinTech: Virgin Money UK Launches Slyce, A BNPL Card
Virgin Money launches waiting list and prize draw, offering customers the chance to win one of five lots of 150,000 Virgin Red points, enough for a trip to Miami, plus £2,000 spending money.
British bank Virgin Money (LON: VMUK) launches Virgin Money Slyce, a buy now, pay later credit card. The card will allow customers to spread their payments over several months. The bank will conduct credit checks on potential users before allowing them to use the card. The BNPL card also offers cash back for certain retail purchases, including H&M, Sweaty Betty, Space NK and more. (PYMNTS.com)
No fees are applicable for repayments up to nine months. For longer plans of 9 and 12 months, an instalment fee is added. The fee is a percentage of the total amount a customer puts into the plan – 9 monthly payments have a 7.5 per cent fee added, and 12 monthly payments have a 10 per cent payment fee added.
Moreover, the Virgin Money Credit Card app features reminders, alerts and a simple layout that makes it easy for users to keep a tab on their payables. Customers can therefore enjoy the benefits of a traditional buy now, pay later product in a simple, safe and responsible way, while building their credit score for the future.
Virgin Money’s Slyce BNPL Card
Slyce has been designed and built in partnership with Mastercard and TSYS, a Global Payments company, with a Gen Z audience in mind, because the latter are often new to credit and seeking to build a credit score for the future.
Hugh Chater, Chief Commercial Officer at Virgin Money said in a statement: “It’s clear that consumers now expect to be able to pay via buy now pay later plans, so we’re very excited to offer an option that will bring more customers into a regulated credit environment at the same time as offering market-leading terms, flexibility and simplicity.”
In June, Virgin Money teamed with payment information company SurePay to implement the latter’s U.K. Confirmation of Payee (CoP) solution to safeguard consumers against fraud and misdirected payments.
Related Story: Marqeta To Power Klarna’s Physical Visa Card For BNPL
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