Amazon is working with Barclays on new accounts that allow customers to access installment plan payments in the United Kingdom, according to a press release emailed to PYMNTS.
Called “Instalments by Barclays,” the plans are intended to help customers access more flexible payment options and finance purchases of 100 British pounds (about $133) or more on amazon.co.uk, the release stated. The credit accounts are reusable and can be used on numerous products, including those from small- to medium-sized businesses (SMBs) selling via Amazon.
Users can choose from several plans at Amazon checkout, fill out an online application and get a response from Barclays on whether they’ve been approved, according to the release. Customers who are approved will find their reusable credit account added to their wallet on Amazon and available to them when they check out.
Financing options are available on terms between 3 months and 48 months, the release stated. Payments are automated through Direct Debit.
“Every day we strive to innovate on behalf of our U.K. customers,” said Amazon U.K. Head of Instalment Lending Rob Levy in the release. “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 installments. This is a simple and transparent service from Barclays that automates monthly payments, providing greater comfort for customers making bigger purchases.”
In other Barclays news, the company appointed Amazon Europe payments head Antony Stephen as CEO of the point-of-sale (POS) finance division and legal entity Clydesdale Financial Services in September.
Read more: Barclays Taps Amazon Exec to Lead UK POS Finance Unit
Stephen has more than 25 years’ experience with payments and financial services. His previous role was director and general manager at Amazon Europe, which he held for three years.
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