Global: HSBC UK Launches into Point-of-Sale Financing with Flexipay

HSBC UK has officially entered the point-of-sale (POS) financing market, debuting its new offering, HSBC Flexipay, in partnership with energy provider Ovo. This initiative enables customers to purchase solar panels through instalment payments, with more merchant partnerships expected to roll out next year.

Accessible and Flexible Financing

HSBC Flexipay is available to all UK consumers, regardless of whether they hold an existing account with the bank. The service promises a seamless application process, with quick decisions made at the point of purchase.

Once approved, customers gain flexibility in managing their payments through the HSBC UK banking app. Features include making overpayments, managing instalments, and settling the balance early—offering an adaptable approach to financing significant purchases.

A Regulated and Trusted Solution

Andy Rankin, Interim Head of Unsecured Lending at HSBC UK, highlighted the growing demand for instalment payment options:

“Paying in instalments is increasingly popular and can be a great budgeting tool, providing the certainty of fixed repayments and a set end date.

We are excited to start our journey in Point of Sale finance, offering customers a payment alternative which is fully regulated. For consumers looking to make a large purchase, HSBC Flexipay will enable them to do so with support from a responsible lender they can trust.”

Supporting Energy-Efficient Upgrades

Mark Robson, VP of Commercial at Ovo, emphasized the significance of this partnership in promoting energy efficiency:

“Our customers tell us the biggest barrier to making their home more energy efficient is the upfront cost. We’re on a mission to change that.

I’m excited to provide our customers with first access to HSBC’s flexible payment product—making home decarbonisation a reality for millions more households.”

Looking Ahead

With a focus on providing a secure and regulated POS financing solution, HSBC UK’s Flexipay aims to empower consumers to make sustainable and substantial purchases without the immediate financial strain. As more merchant partnerships are introduced in 2024, the service could set a new standard for responsible lending in the growing instalment payment sector.