New John Lewis Partnership chief executive Nish Kankiwala is eyeing developing a Klarna-style buy-now-pay-later (BNPL) offer for customers.
He told The Mail on Sunday: “I think we will develop a buy-now-pay-later product. Especially in the younger generation, people expect it.”
John Lewis currently offers BNPL on a selection of higher-priced goods. It has not partnered with Klarna or any of its rivals, like many other retailers, to make the payment option widely available across its product range.
The introduction of such an offer in middle class retailer John Lewis would be a landmark moment for BNPL, which has boomed in recent years due to the growth of Klarna.
Despite its growing popularity, BNPL remains a controversial payment method, with concerns that it encourages users to get into debt.
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The government has set out its intention to regulate the BNPL industry.
John Lewis is also planning to introduce an interest-bearing credit option charging 16.9% on electrical goods bought online or through its app.
It will extend the offer to furniture and store-based purchases.
Financial services is a growth area for John Lewis. Chair Dame Sharon White plans to invest £100m as it plans to quadruple its financial services business over the next five years.
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