Amazon Launches ‘Buy Now Pay Later’ Collaboration With Barclays
Amazon has partnered with Barclays to launch their new BNPL service ‘Instalments’ for consumers in the UK, which will charge interest over the payment period.
Instead of calling it buy now, pay later, Amazon has called the new venture ‘Instalments’. In a statement from Amazon, it said the new payment method can be used on purchases of GBP 100 or more on Amazon.co.uk. Customers can spread the cost over several instalments between three and 48 months after purchase.
The reusable credit account can be used on millions of products, including those from small and medium businesses selling on Amazon, Amazon said.
Amazon customers need to apply for the payment method and once approved will be able to reuse the credit account. One point of difference to existing buy now, pay later providers like Klarna is that Barclays will charge interest over the instalment period, with an annual rate of 10.9%.
Customers need to meet certain eligibility requirements to apply for an instalment account, for example, they need to be over 18 years of age and have been a UK resident for at least three years, Amazon said.