Laybuy, the New Zealand based payment processing firm renowned for its ‘Buy now pay later’ service is reportedly launching its services in the UK. As per trusted sources, the firm has officially launched with its first major retailer in the UK via a partnership with Footasylum.
As per the new service, customers of the footwear and apparel store that’s present on many of the country’s high streets can pay for their basket’s cost in installments by paying only a fraction of it upfront. This indicates easy budgeting for shoppers while retailers can benefit from steering clear of discounts while adding new customers, claimed sources.
The way Britain makes its payments has changed significantly over the last few years. Last year, the number of payments by card surpassed cash for the first time, reported sources. Post-purchase payment options like Klarna have been harnessed by online shoppers so they can try before they make a purchase, especially in fashion and clothing items.
Laybuy and Footasylum are hopeful that there’s more place in the market for shoppers to adopt a new payment method, stated a spokesperson for Laybuy.
The process includes a credit check with Experian, for customers to avail a spending limit between £60 and £720, reported sources. They are then required pay sixth of their total purchase cost upfront and pay the rest via weekly interest-free installments. Hence, this is a perfect solution for customers struggling with cash flow or workers who receive weekly payments. In addition to this, the convenience of a payment option that doesn’t affect the bank balance was one of the reasons Footasylum agreed to collaborate with Laybuy, cited sources familiar with the process.
For now, Footasylum’s customers can use Laybuy for any online purchase while in-store payments are expected to be available this year throughout its 70 high street stores in the UK, reported sources.