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Virgin Money has announced plans to enter the Buy Now, Pay (BNPL) market later this year with the launch of its new credit card product, Virgin Money Slyce.
Virgin Money Enters BNPL Space with Slyce
Slyce is created in partnership with Mastercard and global payments company TSYS and is intended for Gen Z customers.
The new product gives users the option to consolidate all their BNPL spending in one place with a monthly payment. Customers can also spread costs across 3-month, 6-month, 9-month, or 12-month repayment plans.
The company adds that repayments on 3-month or 6-month plans are “free”, but longer plans are subject to installment payments.
Customers can view and manage Slyce activity through the Virgin Money Credit Card app. The app also features features such as reminders and alerts to keep your payments going, and displaying accurate monthly amounts.
Virgin Money claims that Slyce is fully regulated and will be controlled, protected and protected. It will also perform credit and affordability checks before spending begins to “make sure the product is suitable for the customer.”
Hugh Chater, Chief Commercial Officer of Virgin Money, said Slyce “helps customers manage their spending and build future credit scores.”
