NatWest plans to enter the buy now, pay later (BNPL) market, enabling customers to split their purchases into several repayments from this summer.
BNPL options often appear at online checkouts and they can help people avoid paying interest on their borrowing. NatWest said its new proposition will give its customers the convenience to make a purchase almost anywhere that accepts Mastercard and said it will put safeguards in place to help ensure lending is affordable.
The new scheme will initially be made available for NatWest customers on launch, with the expectation it will be rolled out for customers of Royal Bank of Scotland (RBS) and Ulster Bank, which are part of the same group, later in the year.
