Marks & Spencer is to roll out an instalment payment option for online clothing and home customers.

It is hoped that the addition of interest-free payments over six weeks will boost spend through M& The retailer aims to generate a third of its UK clothing and home sales online by 2022.

Marks & Spencer’s service, applicable to clothing and home purchases worth £30 or more, will be available to all UK online customers by mid-November.

Customers using the instalment payment option do not have to make a credit application, as would be the case with conventional loans, and can access and manage payments through the Clearpay app.

Director of M&S Bank and services Kirsty Ward said: “We’re committed to providing our customers with seamless, easy and convenient ways to pay, and that’s why we’ve introduced this fully integrated and interest-free option to help spread the cost of shopping on M& The Clearpay solution complements our existing M&S credit and debit cards.”

M&S presses button on instalment payments for shoppers