Marks & Spencer to launch online instalment payment option

Marks & Spencer has announced today that it will be launching a brand new way for UK customers to pay on M&S.com, with the introduction of an instalment payments facility.

The retailer is partnering with Clearpay, part of the Afterpay Touch Group, and the new payments option will mean purchases can be spread interest-free over six weeks.

It will be available to all UK M&S.com customers from mid-November, and will be able to be applied to purchases from £30 across M&S clothing and home products. The new payment option will help the drive towards the M&S business’ target of one third of "Clothing & Home" UK sales online by 2022.

Kirsty Ward, director of M&S Bank and Services, said: “We’re committed to providing our customers with seamless, easy and convenient ways to pay, and that’s why we’re introducing this fully integrated and interest-free option to help spread the cost of shopping on M&S.com.”

Clearpay UK CEO, Carl Scheible, added: “We are thrilled to launch with Marks & Spencer, especially as we head into the busy Christmas shopping and trading season. We’re looking forward to being part of their development as they continue their transformation for customers.”

The popularity of instalment payment methods is growing with consumers increasingly looking for ways to spread out payments, particularly for larger purchases. Clearpay is a free facility that simply spreads the total payment out over four instalments paid back across six weeks and does not require a credit application.

Customers can access and manage payments through the newly launched Clearpay app which offers on-the-go access to its shop directory and budgeting tools, payment history and status.