Chase Bank Enters Buy Now, Pay Later Market with Flexible Payment Plan Options for Purchases Over $100

JPMorgan Chase (NYSE:JPM), the largest bank in the US and sixth-largest in the world in terms of assets, is reportedly planning to enter the rapidly evolving Buy Now, Pay Later (BNPL) market.

Chase revealed that it will be offering its credit card customers the option to make smaller payments to finish paying off a purchase over an extended period of time. The bank confirmed that it won’t be charging any interest on these types of transactions, but there will be a fixed monthly fee for the service.

Chase noted that the offer to make smaller installments is only available for purchases valued at more than $100. Referred to as the “My Chase Plan,” the flexible payment option will allow Chase Bank cardholders to choose a recent transaction and then select a particular repayment time period. Customers will be able to choose a personal monthly payment amount that may run from anywhere between 3 to 18 months, the announcement noted.

The new payment option may be activated through Chase Bank’s online platform or through its mobile app, My Chase Plan will also provide a calculator that will be able to estimate what a particular payment plan may cost (over time) before the customer decides to make a purchase.

Anthony Cirri, GM for lending and pricing, Chase Card Services, stated:

“We developed My Chase Plan to provide our cardmembers with more flexibility and control of their payment options. With the holidays fast approaching, this embedded card feature can be used to pay off gifts and everyday purchases alike.”

Companies across the globe have introduced flexible Buy Now, Pay Later options so that consumers can purchase the items they really need while paying through more manageable options.

As reported recently, Singapore’s BNPL firm hoolah is planning to expand operations into Asian markets. As covered, Alliance Data has agreed to acquire BNPL company Bread in a $450 million stock and cash deal.

BNPL payments platform AfterPay recently announced that it will offer savings accounts and cash flow tools to Australia based customers.

Indian consumer lending Fintech ZestMoney will be offering affordable payment options to consumers buying Apple products.

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