UK FinTech Monzo has joined the race to take advantage of the growing “buy now, pay later” market, reports the Evening Standard.
Monzo is reportedly working toward a launch for the payment/lending product.
The challenger bank has not confirmed the development.
A number of banks are beginning to take an interest in their own buy now, pay later products.
What does this mean?
The Standard revealed the news just after it reported Revolut was also working on a buy now, pay later product. The aim for many of these banks and challengers is to offer customers an option for installment payments within their offering, rather than having people use third parties like Klarna. Many people feel that regulated banks offering buy now, pay later products could add credibility and trust to the solution.