Virgin Money to enter BNPL market

According to the business, the product will give customers a free monthly payment, enabling them to manage their money more easily. Another benefit is any monthly spend over £30 can be spread across three,  six, nine or 12-month repayment plans to suit individual budgets, with this process being fee free for three or six-month repayment plans 

For longer plans of nine and 12 months, an instalment fee is added at a charge fee of 7.5%, with 12 monthly payments having a 10% payment fee added. Customers will also be able to build their credit score while using Slyce. 

In addition to this, Virgin Money will carry out credit and affordability checks before any spending starts, to ensure the product is right for the customer.

Created in partnership with Mastercard and TSYS, Slyce has been designed and built with a Gen Z audience in mind. Customers who are looking to take more control of their finances will be able to see their credit score and watch it grow, as well as read tips on how to boost it further in the app. 

Virgin Money’s chief commercial officer Hugh Chater said: “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. 

“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, and pay better on terms that work for them.”