HSBC is making its entry into the UK buy now, pay later market with the launch of Flexipay, a new point-of-sale finance product. The bank has partnered with energy company Ovo as its inaugural merchant partner, allowing customers to pay for solar panels in installments, with plans to add more merchants in the upcoming year.
Flexipay will be accessible to British consumers, regardless of their relationship with HSBC, featuring a streamlined application process and swift decision-making at checkout. Customers will have the flexibility to manage their payment plans, make overpayments, and pay off their financing early through the HSBC UK banking app.
Andy Rankin, interim head of unsecured lending at HSBC UK, comments, “Paying in installments is increasingly popular and can be a great budgeting tool, providing the certainty of fixed repayments and a set end date. We are excited to start our journey in Point of Sale finance, offering customers a fully regulated payment alternative. For consumers looking to make a large purchase, HSBC Flexipay enables them to do so with the support of a trusted lender.”
Mark Robson, VP of commercial at OVO, adds, “Our customers frequently cite the upfront cost as the biggest barrier to enhancing their home’s energy efficiency. We’re determined to change that. I’m thrilled to offer our customers first access to HSBC’s flexible payment product, making home decarbonization a reality for millions more households.”