MARKS & SPENCER TO INTRODUCE NEW WAY TO PAY WITH ITS FIRST INSTALMENT PAYMENTS OPTION ONLINE
Latest step in M&S’ transformation for customers making it easier to shop on M&S.com
M&S today announces it will be launching a brand new way to pay for UK customers on M&S.com, with the introduction of an instalment payments facility enabling payments for purchases to be spread interest-free over six weeks.
Partnering with Clearpay, part of the Afterpay Touch Group, the payment option will be available to all UK M&S.com customers from mid-November and can be applied to purchases from £30 across M&S clothing & home products.
The popularity of instalment payment methods is growing with consumers increasingly looking for ways to spread out payments, particularly for larger purchases. Clearpay is a free facility that simply spreads the total payment out over four instalments paid back across six weeks and does not require a credit application. Customers can access and manage payments through the newly launched Clearpay app which offers on-the-go access to its shop directory and budgeting tools, payment history and status.
This is the latest step in the M&S’ far reaching transformation, becoming more relevant to customers with widespread change across the business, including to its financial services offering, and the new payment option will help the drive towards the business’ target of one third of Clothing & Home UK sales online by 2022.
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 Clearpay solution complements our existing M&S Credit and Debit Cards offered through M&S Bank.”
Carl Scheible, Clearpay UK CEO 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.”
The facility is being rolled out on M&S.com over the next few weeks and will be fully available to customers from mid-November onwards.
For further information, please contact:
M&S External Communications
+44 (0) 20 8718 1919
About Afterpay Touch Group
Afterpay Touch Group is a global technology-driven payments company with a mission to be ‘the world’s most loved way to pay’. APT comprises the Afterpay, Clearpay, and Pay Now (Touch) services and businesses. Clearpay launched in the UK just over three months ago, and has gained over 200,000 active customers in the first 15 weeks of trading, which is higher than the U.S. at the same time post-launch.