HSBC UK Launches Flexipay For Easier Payments On Large Purchases
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HSBC UK has announced its entry into the Point-of-Sale finance market with a new service named HSBC Flexipay. According to the update, this option will let shoppers spread the cost of large purchases into smaller, more manageable payments when they shop with HSBC’s merchant partners.
The bank stated that Flexipay would be available even to those who are not already HSBC customers. The application process is quick and happens during checkout. Shoppers can then manage their payments through the HSBC UK banking app, giving them the choice to pay more or clear the balance earlier if they wish.
HSBC UK Teams Up With OVO For Flexible Solar Panel Payments
HSBC’s first partnership is with OVO, whose customers are the first to use Flexipay. The bank explained that this option will help OVO’s customers purchase solar panels for their homes. HSBC noted it plans to add more merchants in different industries during 2025.
Andy Rankin, Interim Head of Unsecured Lending at HSBC UK, said many people now prefer paying in instalments because it helps them plan their spending with fixed payments and a set end date. He stated that Flexipay offers a new payment choice that shoppers can trust.
Rankin also reported that in the next several years, more people will likely spend money on energy-saving tools to improve their homes. He shared that HSBC is happy to work with OVO to give its customers the first chance to try this flexible payment service.
OVO Partners With HSBC UK To Make Energy-Efficient Homes More Affordable
According to OVO, upfront costs are often a hurdle for customers who want to make their homes more energy-efficient. Mark Robson, Vice President of Commercial at OVO, said the team aim to change this with HSBC Flexipay.
Robson explained that offering this option helps make green energy tools more accessible to families. He revealed that this could reduce energy costs over time and lower carbon use in the long run.
HSBC said it plans to expand Flexipay next year so that more shoppers can use it for a variety of products. The bank hopes the service will help customers manage their spending while offering payment options that fit their needs.
According to the update, HSBC is working on partnerships with merchants across different sectors to bring Flexipay to a broader range of shoppers by 2025. The bank believes this step will provide more options for customers to purchase what they need in a responsible way.
