According to reports, Frasers Group is preparing to launch a Buy Now, Pay Later (BNPL) service offering consumers up to £2,000 in credit.
The Mike Ashley-helmed retail group is set to launch its new financial offerings under a “Frasers Plus” brand, according to a report by The Telegraph.
The move comes after 70 per cent of UK adults in a Forbes survey said that they were using BNPL as a direct result of the cost-of-living crisis.
Frasers Plus will offer a BNPL facility allowing customers pay for purchases over time, and the ability to take out a loan that could be spent across the group’s retailers which includes House of Fraser and Sports Direct.
Frasers Plus will also include loyalty points in a similar vein to Tesco’s Clubcard loyalty programme, said the newspaper.
“Ashley’s really excited about credit,” a source told the Telegraph. “He reckons Frasers’ bottom line could be boosted.”
The new offerings will be enabled by Studio Retail, which Frasers recently acquired out of bankruptcy, allowing customers to combine multiple BNPL purchases into a single loan.
The report says that technology developed by FinTech Tymit, in which Frasers has a 20 per cent stake, will be used for online payments.
The news follows reports that BNPL usage surged across all age groups in 2022.
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