Frasers Group launches new Buy Now, Pay Later app
Frasers Group has launched a Buy Now, Pay Later scheme for customers to purchase products on credit.
The new Frasers Plus service will cover items purchased from the group's brands, including House of Fraser, Missguided, ISawItFirst, Sports Direct and Flannels.
The initiative will also act as a rewards scheme, where shoppers can earn one point for every £1 spent.
The payment plans start at three months, breaking purchases into three interest-free instalments. Periods of six, 12, 24 or 36 months are also available but will include interest at 29.9% APR. Technology developed by Tymit, a fintech startup in which Frasers has a 20pc stake, will be used for online payments.
Customers can access the service via the new Frasers Plus app, allowing them to choose from the different instalment plans.
As part of this, the app will show users their future monthly payments, outstanding balance, and any interest charges. It will also offer the flexibility to adjust instalment plans, with no penalties or fees.
The news comes after Frasers Group's financial results for the first half ending 23 October 2022, revealing a 12.7% increase in revenue. Reported profit before tax for the six month period was £284.6 million, up 53% against 2021.