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Tuesday, December 21, 2021

Amazon, Barclays partner to provide UK customers with instalment payments

Instalments by Barclays allows customers to finance purchases of £100 above on millions of products selling on Amazon.

• December 20, 2021

Amazon customers in the United Kingdom can now make instalment payments through a reusable credit account from Barclays, which would allow them spread out purchases on a monthly basis.

Instalments by Barclays allows customers to finance purchases of £100 above on Amazon. The reusable credit account can be used on millions of products, including those from thousands of small and medium businesses selling on Amazon.

“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,” Rob Levy, Head of Instalment Lending, Amazon UK, said.

Those making use of the feature for the first time can select their choice of instalment plan from available term options at Amazon checkout, complete an online application, and receive a response from Barclays informing the customer if the transaction had been approved, and setting out their spending limits.

The reusable feature can be managed directly through the Barclays App, even if the customer doesn’t bank with Barclays.

To use the feature, customers need to reach certain eligibility requirements to apply for an instalment account, such as proving that they are aged 18 years and above and have been a UK resident for at least three years.

Amazon and Barclays first launched the product in Germany last year but the current partnership is the super retailer’s first attempt at penetrating the British “buy now, pay later” (BNPL) market.

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