Virgin Money to enter BNPL market

Virgin Money has announced that it will develop a digital wallet that will feature Buy Now, Pay Later (BNPL) capabilities.

The banking and financial services brand is partnering with Global Payment to create the wallet, which will also include merchant services and embedded regards via Virgin Red loyalty scheme.

The Group said that following the conclusion of its integration and rebrand programmes, it has now launched its Digital First strategy.

As part of the new strategy, it said that the launch of a national digital business bank, an expansion of unsecured credit into BNPL, and an innovative unsecured credit model for newer to credit customers will be important propositions.

“Our accelerated digital strategy will result in new propositions, including a digital wallet, and will deliver efficiency and agility improvements,” said David Duffy, chief executive of Virgin Money, in the company’s latest financial results. “The combination of these factors will help us to become a growth-oriented digital bank that offers a best-in-class experience and unique loyalty rewards for customers, and delivers double-digit returns for shareholders.”

Virgin Money to enter BNPL market

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