Clearpay Announces Launch of New Customer-controlled “spend cap” Feature

Clearpay Spend Cap is the newest in-app feature from the Buy Now Pay Later leader, giving users control to set a personal spending limit. This responsible spending tool aligns with consumer demand for flexible, interest-free payment options. Buy Now, Pay Later has been used by more than half of UK adults (53%) and its popularity is underlined by the move away from traditional borrowing products, such as credit cards.2 Recent Clearpay research found one in five (20%) people are actively trying to reduce their credit card usage. Instead 44% of Brits want a product that charges no interest at all and a further 29% are prioritising a payment option which allows them to budget more easily. The new Spend Cap feature underlines Clearpay’s commitment to promoting responsible spending and offering flexibility to customers.

In-app spend cap can be customised in seconds

Customers simply reduce their spending amount in two quick steps (see below screens) and the Spend Cap is actioned immediately.  The Spend Cap feature adds to a list of other ways that Clearpay offers customers more control of their spending and payments already available in the app, which include:

• Bundled Payments - options to pay early, or pay multiple orders at once
• Payment Rescheduling - Avoid late fees by delaying their payment dates up to three times per year in the app.

Rich Bayer, UK Country Manager at Clearpay, commented: “A significant number of Brits are turning away from traditional borrowing products, citing confusion on how they work and how fees are calculated. At Clearpay, we prioritise transparency and giving our customers control over how they spend. With BNPL regulation on the horizon, we expect more people to be using Buy Now, Pay Later as their preferred payment option.” The company's goal of encouraging responsible BNPL usage and giving customers spending control is furthered by the introduction of the Clearpay Spend Cap.