The Guardian 30/10/19

Marks & Spencer Group (MKS) will start offering a “buy now, pay later” service on its website next month as it tries to attract younger customers and boost trade going into the key Christmas period. The retailer has teamed up with Clearpay to offer customers the option of paying for orders of more than £30 in interest-free instalments. The Australian firm and its better known rival Klarna are among a wave of fintech companies being embraced by millennials on tight budgets. Many of M&S’s rivals, including H&M and Asos, already offer delayed payment services and the struggling business is eager to attract a younger generation of shopper, including families with young children. M&S said its customers were increasingly looking for ways to spread the cost, particularly of larger purchases. The Clearpay service enables customers to spread the total over four instalments paid back across six weeks. The maximum spend is £800 and does not require a credit application and customers can manage their payments through a phone app.