Marks & Spencer launches instalment payment option with Clearpay

Marks & Spencer has partnered with Clearpay to launch an online instalment payment option for UK customers from mid-November.

Customers on the retailer’s site will be able to make purchases and spread the cost interest-free over six weeks.

The payment option will be available to all UK customers from mid-November and can be applied to purchases from over £30 across M&S clothing and home wear ranges.

Clearpay is a free facility and does not require a credit application.

READ MORE: M&S to offer “buy now, pay later” scheme while admitting fashion turnaround “18 months” behind schedule

Customers can access and manage payments through the newly launched Clearpay app, offering mobile access to its shop directory, budgeting tools, payment history and status.

This is the latest change M&S has implemented in efforts to become more relevant to customers.

Chief executive Steve Rowe told an investor meeting earlier this month that the UK’s largest clothing retailer was set to introduce a new payment scheme in a bid to modernise its struggling fashion business.

The retailer hopes the new payment option will help it achieve its target of one third of UK clothing and home revenue being made online by 2022.

“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&” M&S Bank and Services director Kirsty Ward said.

Clearpay UK CEO Carl Scheible said : “We are thrilled to launch with Marks & Spencer especially as we head into the busy Christmas shopping and trading season.”

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