The buy-now-pay-later landscape is hotting up.
Buy-now-pay-later group Laybuy has scooped up prominent online retailers PrettyLittleThing and Hype, joining Australian credit rival Clearpay at the checkout of both.
Hype, for instance, previously included Klarna on its checkout, before shifting to Clearpay and now adding Laybuy.
“We understand customers want more flexibility at the checkout, but at the same time want assurance that payments are risk-free and interest-free. That’s exactly what Laybuy has been designed to do, and we’re so excited to bring this to PrettyLittleThing and HYPE. customers in the UK!”
Laybuy claims its UK retail partners have seen order values rise by 60 per cent since switching to its service, with Laybuy carrying the credit risk of the six equal weekly payment splitting it offers.
However, buy-now-pay-later services have been drawing increasing criticism, despite being interest-free missed payments can still impact credit scores.
Klarna’s revenues have surged during lockdown while others have warned that teens are using such services to fuel ‘free money’ shopping sprees.