back Back

NewDay launches regulated instant access credit account, Newpay

By Joy Dumasia

November 19, 2021

  • Digital Transformation
  • Europe
  • FinTech
Share

NewDay, one of the UK’s largest consumer credit providers, has launched Newpay, an instant access digital credit account designed to help consumers spread the cost of more extensive online baskets and purchases. Newpay fully integrates into the retailer’s checkout experience, offering seamless access to credit for customers.

Newpay offers customers a credit limit of up to £5,000, which can be used across various online retailers. The digital credit account allows customers to break down the cost of online purchases into monthly payments, with just one amount to pay each month, even if an individual has multiple payment plans. There is just one account for all purchases, allowing customers to see their Newpay purchases in one place, either online via the Newpay website or in the Newpay App.

A credit product regulated by the Financial Conduct Authority, Newpay uses the same standard of affordability checks as NewDay’s other consumer credit products, with an individual’s ability to repay considered at the application stage. Checking eligibility for Newpay does not impact an individual’s credit profile, with a quick no risk check carried out. If a customer passes the eligibility check and decides to apply for a Newpay account, a more detailed check, which will show on their credit file, will be conducted.

Ian Corfield, Chief Commercial Officer at NewDay, said: “We believe Newpay can help meet customer needs in the evolving e-commerce space. Many unregulated Buy Now Pay Later providers offer products that require customers to make multiple payments across those plans each month. With Newpay, we wanted to offer customers the ability to choose payment plans and timeframes that suit them, with customers paying just one amount each month, even if they have multiple payment plans in place across their purchases. As a consumer credit company, we believe our regulated offering and expertise in understanding and assessing an individual’s credit profile positions us to offer customers meaningful products. Newpay helps people to move forward with credit, provided that they remain within their credit limit and make their monthly payments on time.”

Previous Article

November 19, 2021

Nymbus introduces BaaS for simplified path to new financial growth

Read More
Next Article

November 19, 2021

Bitcoin Well expands partnership with RapidCash ATM by adding over 100 Bitcoin ATM machines

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Digital Transformation

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

4 Open Banking platforms shaping the future of financial data in the US

Read More

Today

Natwest snaps up Sainsbury’s banking business in £2.5b deal

Read More

Today

Mbanq joins IG Tech Cambodia to expand BankTech & BaaS solution in SEA

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023