Revolut, Britain’s most valuable private tech business ($ 33bn), is working on products that will let customers spread the cost of purchases made both online and in person, its chief executive told the Standard.
Nikolay Storonsky said his company was working on a checkout feature and the ability to let its 16m customers to automatically spread the cost of any purchase made using its cards.
“Simply a button which you switch on and then your card becomes a buy now pay later product,” Storonsky told the Standard. “Instead of paying upfront everything, you pay a third and then in two weeks time we charge you a third and then another third.”
A spokesperson said the products were in very early development and were likely to be trialled first across some European markets next year.
Approximatively five million Brits have used Buy Now, Pay Later since the start of the pandemic as the size of the UK market quadrupled in 2020 to reach GBP 2.7 billion, according to the FCA.
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