Amazon partners with Barclays to launch ‘buy now, pay later’ service
All lending is fully regulated by the FCA, and Barclays carries out ‘robust’ credit and affordability checks to ensure that the customer is not given access to more credit than they can afford
Amazon has announced its partnership with Barclays to enable UK customers to have access to a new, flexible payment method.
It revealed customers will have “greater flexibility” to pay for their purchases, with financing options available on terms between 3 – 48 months.
Customers will find their reusable credit account added to their wallet and available at checkout while shopping on Amazon, allowing them to make repeat purchases without needing to reapply, as long as they remain within their overall credit limit and monthly payment limit.
Amazon said payments are automated via Direct Debit and the account can be managed directly through the Barclays App, even if the customer doesn’t bank with Barclays.
All lending is fully regulated by the FCA, and Barclays carries out ‘robust’ credit and affordability checks to ensure that the customer is not given access to more credit than they can afford.
Barclays offers this credit account at an APR of 10.9% for online purchases on Amazon and there are no account management fees, late fees, statement fees, or other hidden fees.
Rob Levy, head of Instalment Lending, Amazon UK, said: “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.
“This is a simple and transparent service from Barclays that automates monthly payments, providing greater comfort for customers making bigger purchases.”
Ruchir Rodrigues, head of Barclays Cubed and Consumer Bank Europe, added: “This is another major step in our ambition to reinvent payments at the point-of-sale and delight customers.”
