Amazon has partnered with Barclays to secure access to Instalments, a flexible payment service that will enable Amazon customers in the UK to pay for products in instalments.
Instalments will help Amazon customers finance purchases of £100 or more on the retail giant’s website and will provide them with greater flexibility – with financing options available on terms between 3 months and 48 months.
First-time users of the service will be able to select their choice of instalment plan at the Amazon checkout. They are required to complete an online application and will then in most cases receive an immediate response from Barclays informing them of their approval and setting out their spending limits.
Lending is fully Financial Conduct Authority-regulated, with Barclays undertaking robust credit and affordability checks to make that the customer is not being provided access to more credit than they are able to afford.
Those who are approved will be able to find their reusable credit account added to their wallet and available at checkout while shopping on the Amazon website, making it possible for them to repeat purchases without the need for reapplication. Payments are automated via direct debit, and the account can also be managed directly through Barclays’ app – even if they themselves are not a Barclays customer.
Customers must be 18 or over and have been a UK resident for at least three years to be eligible. There are no account management, late, statement or other hidden fees.
Amazon UK head of instalment lending Rob Levy 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.”
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.”
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