Marks & Spencer has announced plans to introduce an installment payment option in the UK from mid-November.
The facility will allow customers to pay for their purchases in interest-free installments over a period of six weeks.
It can be availed by all UK M&S.com customers for purchases worth £30 and above on clothing and home products.
Kirsty Ward, director of M&S Bank and Services, said, "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 retailer has partnered with Clearpay for the service.
A part of the Afterpay Touch Group, Clearpay is a free facility that does not require a credit application.
It divides the total payment into four installments, to be paid back across six weeks.
Customers can access and manage payments through the Clearpay app, which offers on-the-go access to its shop directory and budgeting tools, payment history and status, the retailer said.
Clearpay UK chief executive, Carl Scheible, said, "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."
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.