Monzo reveals buy now, pay later for product with limit of £ 3,000 | Monzo Bank
Monzo digital bank is positioning itself in the booming UK ‘buy now, pay later’ market and will offer its customers credit limits of up to Â£ 3,000.
Monzo is one of the first UK banks to jump into the fast growing but controversial BNPL industry, which is dominated by fintech companies such as industry leader Klarna and PayPal.
Monzo, who has more than 5 million customers, said he has taken the âbest bitsâ of BNPL, credit cards, loans and overdrafts to create his Monzo Flex product, which he presents starting Thursday.
BNPL credit allows customers to stagger payments for goods such as clothing, beauty, and furniture without interest or fees – unless they don’t repay on time, in which case some businesses will charge a fee. delay.