Amazon UK Launches 'Buy Now, Pay Later' Product With Barclays

Amazon has struck a deal with Barclays to push into the booming 'buy now, pay later' market in Britain. From a report: Amazon UK said on Friday it was launching a new product in partnership with the bank called Instalments. The payment method will allow Amazon customers to spread the cost of certain purchases over several instalments between 3 and 48 months after purchase. Amazon and Barclays first launched the product in Germany last year but today's deal represents Amazon's first foray in Britain into the 'buy now, pay later' (BNPL) market, which was pioneered by Swedish giant Klarna. BNPL lets customers defer payments until a future date or spread them over instalments. BNPL has become a popular alternative to credit cards for young shoppers online. Over 5 million people have used the payment method in the UK since the start of the pandemic, according to official estimates.

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