Amazon remains one of the largest retailers in the world today. However, despite this success, the platform has no support for installment payment plans, among other things. That latter aspect ay come to change with the help of Barclays, at least for UK customers.
Amazon and Barclays Team Up
It is interesting to see how Barclays and Amazon will attempt to provide a new user experience for UK shoppers. While using a reusable credit account may sound a bit strange at first, the concept makes much sense. Barclays’ account holders can spread out the cost of purchases of over £100 in equal monthly installments through the reusable credit account.
Moreover, UK Amazon shoppers will be given the choice of installment plan at checkout. The process involves completing an online application, with Barclays providing a swift – if not immediate – response letting them know whether they have been approved. If approval occurs, users can set up their spending limits right away and venture into the financing options. Financing periods can range from 3-48 months.
Approved customers will see a reusable credit account added to their Amazon wallets. That account remains available at checkout while shopping on Amazon UK, paving the way for repeat purposes without reapplying. However, if the user doesn’t stay within their credit and monthly payment limits, a new application will be required.
All repayments occur through Direct Debit, which is set up automatically. The account can be managed via the Barclays app, even if the customer isn’t an existing Barclays customer. That latter aspect is a rather intriguing addition, paving the way for people to explore new opportunities to enhance their Amazon shopping option.
Pursuing More Opportunities
Barclays and Amazon have been partners for a while now. Both entities launched a similar offering for the German Amazon in 2020. It appears that process has been successful, as the rollout now expands to the United Kingdom. Moreover, Barclays hired Amazon’s head of European payments, Antony Stephen, a few months ago to explore the “buy now, pay later” market segment.
Barclays cubed & consumer bank Europe head Ruchir Rodrigues adds:
“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.”