Digital bank Monzo has announced a significant upgrade to its buy now, pay later service, Monzo Flex, directly impacting its 13 million customers in the UK. The change integrates Flex seamlessly into the Apple Pay checkout process, both online and in physical stores.
Seamless Integration with Apple Pay
The core of this update allows Monzo customers to select their preferred Flex payment plan at the point of sale when using Apple Pay. Previously, customers might have needed to pre-configure settings, but now the option is immediate. Kunal Malani, General Manager at Monzo, stated: "We’re thrilled to be the first bank to bring this feature to Apple Pay users in the UK. Now our customers are able to choose their monthly payments—right at checkout with Apple Pay."
How to Use the New Flex Feature
To utilise this new functionality, customers must first add their Monzo Flex card to their Apple Wallet. When proceeding to checkout, either online or in a physical store, users can tap the Apple Pay button. They then select their Flex card to view their payment options.
Customers are presented with two clear choices:
- Pay in Full: This uses the customer's default payment setting.
- Pay Later: This option allows the user to select a tailored payment plan, with the ability to extend the repayment period to six or twelve months. It is important to note that interest will be applied to these extended plans.
The purchase is then completed securely using Face ID, Touch ID, or a passcode.
Greater Flexibility and Control for Shoppers
This move is designed to offer Monzo users unprecedented convenience and control over their finances. The bank has emphasised that customers are not locked into their initial choice. They can edit their selected payment plan within the Monzo app before their payment cycle closes or change their default payment setting at any time.
This strategic enhancement positions Monzo Flex as a more direct competitor to other standalone buy now, pay later providers by leveraging the widespread use and convenience of Apple Pay, further embedding its services into the daily spending habits of millions.
