Currys has revamped its credit offerings in response to rising demand for flexible payment options.
- Customers can now spread their purchase costs through fixed monthly payments or a ‘buy now, pay later’ scheme.
- The updated ‘flexpay’ service, previously known as ‘Your Plan’, offers improved credit balance visibility.
- Electric goods buyers using flexpay contributed to £1 in every £5 spent, surpassing credit card usage.
- The flexpay system is supported by BNP Paribas Personal Finance, providing low rate and interest-free credit options.
Currys has effectively responded to the escalating consumer demand for adaptable payment solutions by overhauling its existing credit services. Recognising the shifting consumer preferences, the company has rebranded and enhanced its payment schemes to include both fixed monthly payments and a ‘buy now, pay later’ option, available both in-store and online.
The newly launched ‘flexpay’ system, which supersedes the previous ‘Your Plan’, is now applicable to a wider range of product categories. This strategic upgrade assists customers by providing greater transparency over their credit balances, a feature that is aimed at improving user-experience.
Currys’ strategic decision to upgrade its payment solutions is reflected in the significant consumer uptake; notably, customers utilising ‘flexpay’ accounted for £1 of every £5 spent within the store. This marks a substantial preference for the flexible payment option over traditional credit cards, highlighting a pivotal shift in consumer payment behaviour.
The ‘flexpay’ service, bolstered by BNP Paribas Personal Finance, enables users to access a variety of low rate and interest-free promotional credit deals on selected items. This initiative is part of Currys’ broader mission to facilitate consumer access to cutting-edge technology by easing payment burdens, as noted by Consumer Credit Director Joshua Fabian-Miller.
In a related development, it’s noteworthy that Frasers Group, alongside other notable retailers such as Asos, Boohoo, and AO, had proposed their own ‘buy now, pay later’ offerings to Currys. This indicates a competitive landscape where flexible payment terms are increasingly becoming a consumer expectation.
Currys’ enhancements to its payment options reflect the growing consumer demand for flexibility, shaping the purchasing landscape of the electronic retail sector.
