Amazon, the world’s biggest online retailer, is to offer a “pay monthly” option to customers buying products from its website in the latest ratcheting up of the pressure on its bricks-and-mortar high street rivals.
Anyone spending £400 in one go — on multiple items or just one — can apply to pay over four years without laying down a deposit.
Amazon Pay Monthly, which launches later this month, will charge 16.9 per cent interest.
The shopping giant has teamed up with finance company Hitachi Capital for the move, which is designed to compete with similar credit options from high street stores.
Shoppers will be offered Pay Monthly when they check out. A credit check is then run and anyone with a decent record will get immediate approval.
Britain is the first country in which Amazon has launched the initiative.
A Hitachi spokesman said: “It means you can go straight from choosing a new dishwasher or fridge to accessing finance options through us, all while staying on the Amazon site.”
Jeffrey S. Overstreet