M&S partners Clearpay for online payments

Marks & Spencer is launching its first pay by instalments option with Clearpay, as part of its £25 million technology transformation programme.

The High Street stalwart announced that the partnership with Clearpay, part of the Afterpay Touch Group, will enable UK customers on M&S.com to spread the cost of purchases over £30 interest-free for six weeks. The option is set to go live in mid-November.

The announcement comes after chief executive Steve Rowe set out the plan for “far-reaching change” at an investor meeting earlier this month including an upgraded range and online shopping options after half a decade of falling sales.

Rowe told investors that the introduction of instalment credit online was among a range of "tactical actions" to be deployed to drive trade alongside more effective leveraging of M&S’ multi-channel estate.

The move is intended to help M&S compete with the likes of Next, which already has a credit system, and e-commerce rivals such as ASOS, which have agreements with digital payments players like Klarna.

Clearpay is a free facility that spreads the total payment out over four instalments, paid back across six weeks and not requiring a credit application. Customers can access and manage payments through the newly-launched Clearpay app, which gives on-the-go access to its shop directory and budgeting tools, payment history and status.

M&S said the new payment would help to drive towards the business’ target of one third of clothing and home UK sales online by 2022.

Kirsty Ward, director of M&S Bank and services, said: “We’re committed to providing our customers with seamless, easy and convenient ways to pay, and that’s why we’ve introduced this fully integrated and interest-free option to help spread the cost of shopping on M&S.com.”

She added that the Clearpay solution would complements the retailer’s existing financial services offerings, including M&S credit and debit cards through M&S Bank. The facility is being rolled out on online over the next few weeks and will be fully available to customers from mid-November onwards.

    Share Story:

Recent Stories

Find out how HULFT can help you manage data, integration, supply chain automation and digital transformation across your retail enterprise.
Talking shop: retail technology solutions from Brother
Retail Systems editor Peter Walker sits down with Brother’s senior commercial client manager Jessica Stansfield to talk through the company’s solutions for retailers and hospitality businesses, what’s new in labelling technology, and the benefits of outsourcing printing.