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Banking-as-a-service platform Railsbank has built a white label BNPL product that enables retailers to escape the clutches of shopping apps like Klarna and build their own branded buy now, pay later programmes.
Available to retailers in the UK and Germany this year, the BNPL pakage enables retailers to provide their own branded instalment financing online and in-store. Customers can split payments in up to 36 instalments while retailers can unlock new engagement opportunities during the payment and repayment lifecycle, and link rewards accounts.
Louisa Murray, COO of Railsbank, UK and Europe, says that the current crop of BNPL providers are building consumer brands in their own right, drawing customers away to their own platforms and diluting a retailer’s brand loyalty.
“Our solution means that the retailer’s customer does not see the BNPL provider’s brand, but the brand from which they are buying,” she explains. “We want to remove distractions and allow retailers to maximise engagement with their customers. We believe this is a unique offering in the UK and one that will be very popular to a number of different retail verticals including fashion, homeware, travel and sports.”
Financial Services
