PS5 set to offer affordable monthly payment plans – here's the evidence

PS5 set to offer its own solution to Xbox All Access payment program

PS5 PlayStation 5
(Image credit: Sony)

The PS5 price was unveiled this week along with the release date, with the console launching on November 19 (or November 12, depending on where you are in the world) for $499 / £449 / €499. AU$749.95. The PS5 Digital Edition, which offers all the same specs as the full fat version, but minus a disc drive, comes in at $399 / £349 / €399. AU$599.95.

They're not too expensive, but dropping hundreds of dollars on a piece of hardware, followed up by what looks to be some pretty pricey games is going to add up, and with the added financial pressures of the pandemic, some gamers might be concerned they'll miss out.

Microsoft's solution is its Xbox All Access payment program that allows players to pick up the Xbox Series X or Xbox Series S with no upfront cost, and pay for the console in increments over 24 months – just like a phone contract. You'll also get 24 months of Game Pass thrown in to boot, but Sony has its own answer to make the PS5 just as affordable.   

In an interview with GamesIndustry.biz, Sony boss Jim Ryan explained that monthly payments for its hardware is something that's already happening this generation with the PS4, and will continue with the PS5.

"There's actually a very large promotion of PS4s that have been purchased using some sort of retail-driven financing model. It's what retailers do. 

"The other thing that we've found, because we trade very successfully with many, many countries, is that people want different things in different markets. And we work very carefully, and laser focused, to provide financing solutions and bundles that meet the needs of whatever the particular market is.

"Poland is different to Scandinavia is different to Italy is different to the UK. We work very hard to try and ensure, together with the retail partners, that we are providing gamers with what they want to buy, not what it is we are looking to sell." 

Xbox's own All Access is essentially just a credit agreement offered at particular retailers that will require approval based on your credit history. While it does have the added benefit of being interest free and having Game Pass included, there are penalties for missing payments that will see interest come into the equation. 

The PS5 doesn't have a subscription service to compete with Game Pass, and you'll likely pay interest with most finance options at retailers, but it's not impossible to pay monthly for your new PS4. ShopTo, for example, is offering the PS5 with a couple of different payment options, from £21.60 per month over the course of 24 months. 

While these options aren't being offered with PS5-specific branding, they do exist, so it's worth looking around if monthly payments will be more manageable for you. 

Source: GamesIndustry.biz