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Watchshop.com launches new split-payment solution for customers

Online jewellery retailer Watchshop.com has launched a new payment tool which enables shoppers to spread the cost of their purchase in three equal monthly transactions.

Parent company Aurum Group, which also owns Watches of Switzerland, Goldsmiths and Mappin and Webb, announced Watchshop is using ThinkSmart’s payment solution ClearPay, which provides the watch company’s customers with another way to pay – interest free.

The technology enables consumers to spread the cost of their purchases up to the value of £450, which they can control from the ClearPay mobile app. The ClearPay tool is integrated into the retailer’s existing systems, and it joins services such as Deko and PayPal on WatchShop’s list of payment options.

The launch of the tech with WatchShop is part of a trend for buy-now, pay-later options in retail, with the likes of online fashion house Asos and sports specialist JD Sports recently introducing a Pay Later tool provided by Swedish software business Klarna.

Ned Montarello, ThinkSmart’s executive chairman, commented: “ClearPay leverages our proprietary IP and mobile app, and is underpinned by our 15 years of operations in the UK market. 

“The solution serves a clear demand from millennial consumers for straightforward, interest-free digital payment solutions and benefits from first mover status in the UK market.”

In a recent interview published by Essential Retail, Sireesh Nallanthighal, national IT director at Aldi, said that the speed of change in the payments space means retail executives must stay alert.

“There’s an awful lot happening in payments,” he remarked.

“There’s many innovations currently taking place, including chip and pin, contactless, mobile and digital wallets. There is so much opportunity to allow customers to pay for goods in a way that’s right for them."

He warned of the danger of creating “a disjoined” payments strategy, and advised retailers to develop a clear offering that provides customers with flexibility but which fits well with the current regulatory environment.