UK-based buy now, pay later provider Butter is bidding to put a nail in the coffin of the credit card with the launch of its own BNPL card.
While 65% of Brits have credit cards, the number being issued has fallen by three per cent over the last year, while the value of consumer purchased goods on credit has tumbled. Meanwhile, the BNPL sector - while still far smaller than credit cards - has seen huge growth.
However, BNPL is still mostly limited to online purchases, something that Butter is hoping to change through the introduction of a physical card.
Timothy Davis, CEO, Butter, says: "We wanted to create a physical product that transcended the current BNPL boundary between online and physical transactions, providing an additional option for consumers that allows them to buy on credit, without having to use a credit card."
The card can be used to spread the cost of purchases anywhere, online or in-store. Customers can choose to split payments across as many 10 instalments and manage their card through the Butter app.