The bank is teaming up with energy company Ovo as its first merchant partner, offering customers the ability to pay for solar panels in instalments. More merchants will be added next year.
HSBC Flexipay will be available to Brits regardless of whether they have an existing relationship with the bank, with the promise of quick applications and decisions during the checkout process.
Customers then have flexibility to manage their plan, make over payments and pay off their finance early through the HSBC UK banking app.
Andy Rankin, interim head, unsecured lending, HSBC UK, says: “Paying in instalments is increasingly popular and can be a great budgeting tool, providing the certainty of fixed repayments and a set end date.
“We are excited to start our journey in Point of Sale finance, offering customers a payment alternative which is fully regulated. For consumers looking to make a large purchase, HSBC Flexipay will enable them to do so with support from a responsible lender they can trust.”
Mark Robson, VP, commercial, OVO, adds: “Our customers tell us the biggest barrier to making their home more energy efficient is the upfront cost. We’re on a mission to change that.
“I’m excited to provide our customers with first access to HSBC’s flexible payment product – making home decarbonisation a reality for millions more households.”
