Marks & Spencer launches instalment payment option online

Marks & Spencer has announced it will be launching an online instalment payment option for UK customers from mid-November.

The British retailer teamed up with Clearpay, part of the Afterpay Touch Group, for the service that will allow payments for purchases to be spread interest-free over six weeks. The option can be used for items at a minimum price of 30 pounds across the retailer’s clothing and home range.

The move is part of a wider plan by the British retailer to become “more relevant” against a backdrop of increasingly digital-savvy and online competition, as it moves forward with its target to have one-third of its clothing and home UK sales online by 2022.

Kirsty Ward, director of Marks & Spencer Bank and Services said in a statement: “We’re committed to providing our customers with seamless, easy and convenient ways to pay, and that’s why we’ve introduced this fully integrated and interest-free option to help spread the cost of shopping on M&S.com. The Clearpay solution complements our existing Marks & Spencer Credit and Debit Cards offered through Marks & Spencer Bank.”

Carl Scheible, Clearpay UK CEO, added: “We are thrilled to launch with Marks & Spencer especially as we head into the busy Christmas shopping and trading season. We’re looking forward to being part of their development as they continue their transformation for customers.”

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