UK bank Virgin Money has announced plans to foray into the buy-now-pay-later (BNPL) market later in 2022 via new offering, called Virgin Money Slyce.
The new offering has been developed in partnership with Mastercard and TSYS, with Gen Z customers in mind.
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Customers can use Slyce for all their BNPL spending by splitting any monthly spend over £30 across three, six, nine or twelve months to suit their needs.
Slyce, which is fully regulated, can also be used to build credit scores and spend in different currencies abroad with no foreign exchange fee or extra charges.
The spending can be tracked via the Virgin Money Credit Card app.
Virgin Money said it will carry out affordability and credit worthiness before any spending starts.
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By GlobalDataVirgin Money chief commercial officer Hugh Chater says: “It is clear that consumers now expect to be able to pay via buy-now-pay-later-plans, so we are very excited to offer an option that will bring more customers into a regulated credit environment at the same time as offering market-leading terms, flexibility and simplicity.
“Importantly, Slyce will help our customers stay in control of their spending while also building their credit score for the future – allowing our customers to buy now, pay better on terms that work for them.”
Last month, digital bank Zopa joined the BNPL fray to offer credit between £250 and £30,000.
