Barclays US partners with Amount on BNPL service

Barclays US has announced a new partnership with Amount, which will see the consumer bank offer point-of-sale (POS) financing instalment options.

According to Barclays, the move will make it one of the first providers to offer merchants the option of buy now, pay later (BNPL) under the merchant’s own brand.

The bank said that with increased consumer demand for versatile payment options and the booming e-commerce market, which has led to a 200 per cent growth in BNPL, it is “well-positioned” to strengthen its presence at the point-of-sale.

"Nearly one-third of U.S. consumers have already used a buy now, pay later service, and the demand is expected to continue to grow as consumers become more comfortable with the transparency and ease of use of flexible payment options," said Denny Nealon, chief executive of Barclays US Consumer Bank. "The time is right to enter the U.S. market and give consumers customized, loyalty-driven transparent POS instalment loan programs at some of the country's most successful travel, entertainment, retail and affinity institutions."

The new service will be powered by Amount's digital financial services platform for POS financing, underpinned by core platform features including fraud prevention, verification, and account management.

"There have been seismic changes across the payments landscape with consumers embracing and expecting seamless digital experiences. The rise of mobile and online shopping combined with an increase in digital adoption was quickly accelerated by the global pandemic," said Adam Hughes, chief executive of Amount. "This has created an environment in which POS is the next battleground in consumer financing, wherein banks are well positioned to compete given their stability and cost-of-capital advantages."

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