Barclays US partners with Amount to offer point-of-sale (POS) financing installment options

By Pavithra R

Barclays US Consumer Bank, a premier financial services partner and co-branded credit card issuer in the United States, has announced partnering with Amount, a leading technology provider accelerating the world’s transition to digital financial services, to offer point-of-sale (POS) financing installment options. 

The collaboration will make Barclays one of the first providers to offer merchants the POS payment option under the merchant’s own brand, presenting them with a unique opportunity to deepen connections with their customers.

“Nearly one-third of U.S. consumers have already used a buy now, pay later service, and the demand is expected to continue to grow as consumers become more comfortable with the transparency and ease of use of flexible payment options. The time is right to enter the U.S. market and give consumers customized, loyalty-driven transparent POS installment loan programs at some of the country’s most successful travel, entertainment, retail and affinity institutions,” said Denny Nealon, CEO of Barclays US Consumer Bank.

Barclays brings decades of experience in marketing, underwriting, analytics, and risk management besides brand presence, a strong balance sheet and a global merchant portfolio to the BNPL marketplace. Its partner-centric approach focuses on providing leading merchant brands with innovative banking and payment solutions that help drive sales and build loyalty with their consumers.

Barclays’ U.S. offering will be powered by Amount’s digital financial services platform for POS financing, underpinned by core platform features including fraud prevention, verification and account management. Barclays will leverage Amount’s proven technology, ease and speed of integration, and deep knowledge of digital financial services.

“There have been seismic changes across the payments landscape with consumers embracing and expecting seamless digital experiences. The rise of mobile and online shopping combined with an increase in digital adoption was quickly accelerated by the global pandemic. This has created an environment in which POS is the next battleground in consumer financing, wherein banks are well positioned to compete given their stability and cost-of-capital advantages. We share a similar consumer-centric approach to execution, and we’re honored that Barclays chose to partner with Amount,” said Adam Hughes, CEO of Amount.