Monzo has introduced a new payment option for its Flex customers using iOS 18 and iPadOS 18. The feature allows users to pay in full or spread the cost over several months at the point of purchase through Apple Pay. This option is available when shopping online or making in-app purchases on iPhones and iPads.
Launching Monthly Payment Option
Customers will be able to view the monthly payments , understand the total cost, including any interest, and select their preferred repayment method before finalizing their purchase. Monzo is the first UK bank to integrate this feature with Apple Pay following the release of iOS 18.
“Our customers love using their Flex credit card with Apple Pay and we’re thrilled to be the first bank to bring this feature to Apple Pay users in the UK,” commented Kunal Malani, General Manager at Monzo.
“Now our customers are able to choose their monthly payments—right at checkout with Apple Pay when using their Monzo Flex credit card,” he explained. “This brings an even more convenient experience for our customers when shopping online.”
Meanwhile, Monzo has secured €397 million in a funding round led by CapitalG, Google's independent growth fund, as reported by Finance Magnates. The UK's largest digital bank, valued at $5 billion, has also received investment from Google Ventures, HongShan Capital, and existing investors Passion Capital and Tencent.
Apple Shifts to BNPL Partners
In the United States, Apple has announced similar developments. Users can redeem rewards using Discover credit cards and apply for loans through the Buy Now, Pay Later (BNPL) firm Affirm. These changes come shortly after Apple discontinued its own BNPL service to collaborate with third-party providers.
Other banks preparing to roll out similar services include ANZ in Australia, HSBC in the UK, CaixaBank in Spain, and Citi Synchrony, along with issuers partnered with Fiserv in the US.
