Virgin Money Taking on BNPL Players with “Slyce”
(29 July 2022 – United Kingdom) Virgin Money is expanding into the buy now pay later (BNPL) market with the launch of “Slyce” and a new online marketplace offering.
Virgin will offer a credit card that allows customers to spread repayments over a number of months with instalment fees added if they repay in nine months or longer. Created in partnership with Mastercard and TSYS, Slyce has been designed and built to cater primarily to Gen Z. Customers who are seeking to take more control of their finances will be able to see their credit score and watch it improve, as well as access tips on how to boost it further in the app.
The group joins a raft of high street lenders and well known challenger brands gaining exposure to the BNPL space. While BNPL products have soared in popularity with consumers purchasing a wide range of goods, the main players have come under increasing scrutiny by regulators over high rates and inhibitive late fees.
Unlike BNPL rivals, Slyce is fully regulated and will have a range of controls, protections and safeguards in place. Virgin Money will also carry out credit and affordability checks before any spending commences to ensure the product is suitable for customers.
“It’s clear that consumers now expect to be able to pay via BNPL plans, so we’re very excited to offer an option that will bring more customers into a regulated credit environment at the same time as offering market-leading terms, flexibility and simplicity” commented Virgin Money CCO Hugh Chater.
“Importantly, Slyce will help our customers stay in control of their spending while also building their credit score for the future – allowing our customers to buy now, pay better on terms that work for them.”