13th Nov 2026 12:33
(Alliance News) - Marks & Spencer Group PLC is planning to launch a flexible credit scheme for customers in the next financial year, The Times reported on Friday.
Following competitors such as Next PLC, The Very Group Ltd and Frasers Group PLC, the London-based clothing and food retailer has announced M&S Pay, its own flexible credit offering.
Speaking at M&S' capital markets day, where the new service was unveiled, David Clark, director of online & omnichannel, fashion, home & beauty, said: "Embedded seamlessly into the M&S shopping journey, it will give customers flexibility over how and when they pay, including the ability to spread the cost over instalments."
Clark said the company expects the credit solution to drive a "meaningful increase" in shopping frequency and average order value. He said that one additional shop per year for 10% of M&S customers would generate GBP39 million in incremental revenue.
The Times said details of the scheme remain scarce.
M&S also plans to launch a subscription service offering unlimited home delivery early next year.
Other UK retailers have introduced flexible credit schemes that give shoppers "Buy Now Pay Later" options. These usually allow customers to spread payments over instalments, often with an interest-free period before variable interest rates are applied to any remaining balances.
Leicester-based Next launched its first direct customer credit account in 1987, before digitising the service in 2017 with the introduction of its NextPay credit account. In 2021, it introduced the option to "Pay in 3".
The Very Group, a retailer based in Liverpool, offers Very Pay, which provides customers with various payment options, ranging from flexible monthly payments to instalments spread over up to 12 months.
Shirebrook-based Frasers Group also offers a similar service, Frasers Plus, a flexible instalment payment and loyalty platform first announced in 2023.
Shares in M&S edged down 0.6% to 458.90 pence on Friday in London.
By Camilla Borri, Alliance News reporter
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