Monzo introduces Apple Pay monthly payments in the UK
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British online bank headquartered in London, Monzo, recently became the first bank in the UK to introduce a new payment option for its Flex customers that use iOS 18 and iPadOS 18. The bank’s introduction of the new feature will allow Apple device users to pay in full or spread the cost over several months when purchasing through Apple Pay.
Monzo Is The First UK Bank To Enable BNPL For Apple Pay
As mentioned, Monzo is the first bank in the UK to introduce buy now, pay later (BNPL) through Apple Pay, making the option available when shopping online or making in-app purchases on iPads and iPhones.
Users will be able to view their monthly payments and understand the total cost, which will also include any interest that may come as part of the payment. Other than that, they will also be able to select their preferred repayment method before the purchase is finalized.
Commenting on the move, Monzo’s General Manager, Kunal Malani, said that the bank’s customers love using their Flex credit card with Apple Pay. With that being the case, the bank is excited to be the first financial institution to bring the BNPL feature to Apple Pay in the UK.
“Now our customers are able to choose their monthly payments — right at checkout with Apple Pay when using their Monzo Flex credit card. This brings an even more convenient experience for our customers when shopping online,” Malani added.
Apple has also announced similar developments in the United States, as part of a larger global shift to BNPL partners. It now allows its US users to redeem rewards using Discover credit cards and apply for loans using the BNPL company Affirm.
More Banks To Add BNPL Support
The changes followed soon after Apple decided to discontinue its own, native BNPL service, apparently finding that partnering with a third party that provides BNPL payments is a better approach.
Monzo is not the only bank that is still looking to introduce BNPL payments for its customers, however. ANZ in Australia is reportedly working on enabling the same, and so is HSBC in the UK, CaixaBank in Spain, and Citi Synchrony. The same is true for issuers in the US who partnered with Fiserv.
As for Monzo itself, the bank also recently secured a massive 397 million EUR investment through a funding round led by Google’s independent growth fund, CapitalG. Apart from the round’s leader, support for the UK’s largest digital bank also came from HongShan Capital, Google Ventures, and its former investors, Tencent and Passin Capital.
