John Lewis Partnership’s chief executive is planning to roll out a buy now, pay later service for its customers as they become increasingly affected by the cost-of-living crisis.
Nish Kankiwala said younger people “expect” John Lewis to offer a buy now, pay later service (BNPL) as they become more popular across retail.
BNPL allows customers to pay for purchases in interest-free instalments usually spread over three months. Around 9 million people used the service in the UK last year.
It is used by mostly younger women but despite its popularity, critics say it pushes customers into debt.
Kankiwala told The Mail on Sunday: “I think we will develop a buy now pay later product. Especially in the younger generation, people expect it.”
John Lewis already offers its own version of BNPL but unlike other retailers, customers on its website cannot opt to pay with Klarna or other operators.
The retailer currently offers its BNPL product on home and nursery items costing over £500 but a full-scale service will not be rolled out in the immediate future.
Shadow City minister Tulip Siddiq called for more regulation of BNPL services in a letter to the Treasury a week ago, arguing that vulnerable customers have been “left at risk from some of the unethical companies that operate in the sector”.
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