Marks and Spencer makes buy now, pay later move

Marks and Spencer has become the latest retailer to enter the buy now, pay later space.

On Tuesday, Chief Executive, Steve Rowe, told an investor meeting that letting customers pay for online orders in instalments was one of the “tactical actions” it planned to modernise its struggling clothing business.

M&S is yet to sign a contract with a payment service. Fellow High Street stalwart Mothercare recently announced an extension of its partnership with Klarna, which will see the former’s Pay later, Pay in 3 and Slice it products available online and in-store across the UK. The retailer was one of the first to offer the in-store solutions, which launched earlier this year. 

Klarna has also expanded its tie up with online fashion retailer boohoo to include the US and UK.

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