Virgin Money has announced it plans to enter the buy now, pay later (BNPL) market later this year with the launch of a new credit card product, Virgin Money Slyce.
Slyce has been created in partnership with Mastercard and TSYS, a global payments company, and targets Gen Z customers.
The new product will offer users the option to consolidate all their BNPL spending in one place with one monthly payment. It will also allow customers to spread costs over three, six, nine or 12-month repayment plans.
The firm adds that paying back via three or six-month plans will be “fee-free” but an instalment fee will be charged for longer plans.
Customers will be able to view and manage their Slyce activity via the Virgin Money Credit Card app, which will also have features such as reminders and alerts to keep payments on track, and a display of the exact amount going out each month.
Virgin Money claims that Slyce is fully regulated, and that it will have controls, protections and safeguards in place. It says it will also carry out credit and affordability checks before any spending starts, to “ensure the product is right for the customer”.
Hugh Chater, chief commercial officer at Virgin Money, says Slyce will “help our customers stay in control of their spending while also building their credit score for the future”.
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