As part of the collaboration, OVO customers are set to benefit from HSBC Flexipay, allowing them to split the cost of products, including solar panels and batteries, instead of paying one large upfront sum. The two organisations plan to deliver options for heat pumps and electric vehicle chargers in the upcoming period.
The partnership with HSBC comes after OVO joined forces with Pay with Bank Transfer, enabled by American Express, to enable the latter’s customers to pay bills from their bank accounts. OVO was set to receive the ability to optimise the bill payment process for its customers, allowing them to directly pay from their bank accounts. Also, the two companies mitigated the need for entering card details online or completing authentication checks, thus making transactions more efficient and convenient.
Expanding options for people interested in green technology
The partnership between OVO and HSBC comes after new consumer data showed that the majority of people, more specifically 74%, expressed interest in installing green technology in their homes. At the same time, 75% of them report that the initial expense to install is too much. However, nearly 70% of individuals would be more likely to install green technology if they could divide the cost over several months or years by leveraging a well-known financial services provider.
Furthermore, OVO customers aiming to install tech for their homes are set to be able to access HSBC Flexipay, no matter if they have an existing HSBC account, and they are not required to create one. The solution is set to appear as a payment option at the online checkout alongside the usual options to pay by debit or credit card. When commenting on the announcement, representatives from OVO mentioned that the move enables the two organisations to make home decarbonisation more accessible for consumers across the UK. By supporting more individuals to afford green technology, HSBC and OVO look to minimise energy costs in the longer term whilst decreasing carbon.
