NatWest has confirmed plans to compete in the buy now, pay later (BNPL) market, to enable its customers to pay by instalments on their purchases. It says that its proposition, due to launch this summer, will be available as an option at virtually all Mastercard establishments. Customers will have a fixed credit limit, informed in advance, along with a structured repayment arrangement, subject to credit scoring and affordability checks.
David Lindberg, chief executive of retail banking at NatWest, said: “We have listened to our customers and are excited to provide them with a proposition that gives them greater flexibility to manage their finances. Customers told us they value fraud protection on purchases and useful tools and reminders to help them budget. They also like the convenience of managing buy now, pay later purchases alongside their other NatWest accounts in our award-winning app.
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