Float has launched its card-linked instalment platform in the UK, introducing a payment option that allows consumers to split eligible credit card purchases into interest- and fee-free monthly instalments using the credit already available on their existing Visa or Mastercard. The company says its model differs from traditional buy now, pay later (BNPL) products because it does not issue new credit or require shoppers to enter into a separate credit agreement.
The launch comes as UK consumers continue to rely heavily on credit cards while also maintaining significant unused borrowing capacity. According to a recent study, UK cardholders currently hold more than £70 billion in outstanding credit card balances, while over £250 billion in available credit limits remain unused. The company argues that many consumers are not looking for additional borrowing but instead need greater flexibility in how they repay larger purchases.
Rather than applying for a new financing product, shoppers using Float can spread the cost of eligible purchases over up to 12 monthly instalments within their existing credit limit. The payment option is available directly at participating merchants’ checkouts, without requiring a separate application, account registration or app download. Because transactions remain on the shopper’s existing credit card, card protections, rewards programmes and loyalty benefits continue to apply.
Float’s technology is compatible with more than 55 million Visa and Mastercard credit cards currently in circulation across the UK. The company positions the service as an alternative for consumers who already have access to sufficient credit but may hesitate to make higher-value purchases because of repayment timing or the prospect of interest charges after the typical 30- to 55-day interest-free period offered by many credit cards.
The platform has already been operating in South Africa since 2021, where it is available across more than 2,000 retail locations. Its merchant network includes international brands such as Samsung, Trek, Reebok, The North Face and Diesel. The UK represents the company’s first expansion outside its home market and forms part of its broader international growth strategy.
According to Float, the platform has shown particularly strong adoption among merchants selling higher-value products, including consumer electronics, furniture and home goods, sports and leisure equipment, automotive products, luxury fashion and healthcare services. Across its existing merchant network, the company reports an average 134% increase in average order value, with the typical transaction exceeding £500.
Alex Forsyth-Thompson, Float’s Founder and CEO, explains why he believes UK merchants and consumers alike will welcome Float’s launch: “Nearly every merchant we speak to in the UK is keen to solve the same equations – getting bigger baskets without discounting or offering shoppers new loans and getting more conversions without more friction. Not only does Float answer these challenges but merchants can also be confident they are offering a benefit to their shoppers – better payment terms without the need to take on new credit. We have witnessed first-hand how merchants offering credit card-linked instalments using Float’s technology are winning shoppers’ spend.”
The company believes its approach fills a gap between conventional credit card payments and point-of-sale financing. While BNPL providers typically create a new line of credit during checkout, Float instead enables instalments using credit consumers have already been approved to access through their existing bank-issued cards.
In the UK, consumers carry over £70bn in credit card balances. Yet over £250bn credit card limits remains unutilised. “Millions of UK consumers don’t need more credit – they need more time” explains Forsyth-Thompson. Credit card-holders typically face a 30-to-55 window before interest applies, so when considering a new, substantial purchase this is often a barrier.
A 2023 UK study has found that local young consumers, especially representatives of Generation Z and millennials who are burdened with credit card debts and high-interest rates, most often use BNPL as the preferred payment method. If there is no access to the mentioned financial service, 28% of millennials and Generation Z will refuse purchases.
Forsyth-Thompson continues “Instead of a trade-off between paying down their credit card balance, taking out new credit or point-of-sale finance, or abandoning the purchase entirely, with Float, merchants can now offer their shoppers an alternative. Our tech allows merchants to give shoppers more time with the credit they already have on their existing bank-issued credit cards. That drives more value for merchants and supports responsible credit usage for banks. That’s the first step in our mission to redefine the way the world pays with credit.”
By enabling instalments without issuing additional credit, Float introduces a distinct payment mechanism that builds on existing credit card infrastructure rather than replacing it. As merchants continue to seek ways to increase conversion rates and average order values without adding friction to the checkout experience, card-linked instalments could become another option within the growing range of flexible payment solutions available to UK consumers.
